Tinubu’s government revokes 1633 mining licences, warns illegal miners

“The amount the companies are being asked to pay is peanut compared to their own revenue projections.

“For example, the holder of an exploration title pays only N1,500 per cadastral unit not exceeding 200 units. Those holding titles covering more than 200 units pay N2,000 per unit, In short, the larger the area your title covers, the more you pay.

“This principle was applied to ensure that applicants do not hold more than they require to explore.

“With a cadastral unit captured as a square of 500 metres by 500 metres, any law-abiding title holder should not hesitate to perform its obligations,” he said.

The minister said that every sector required a governance system that regulated the conduct of its participants, the procedures for entry and exit, the obligations of the government to participants and the penalties for non-compliance.

He said that the philosophy of the Nigerian Minerals and Mining Act 2007 was to establish a rational system of administering titles transparently and comprehensively to ensure a seamless transition from reconnaissance to exploration and from exploration to mineral extraction.

“The principal agency for the administration of titles is the MCO, which receives applications, evaluates them, and issues titles with the approval of the office of minister of solid minerals development.

“Although the MCO has tried to improve its efficiency by adopting new application administration technology, it continues to face challenges in monitoring the compliance of title holders,” he said.

He warned illegal miners to desist from their illegal activities as their “days were numbered. ”

(NAN)