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The
Ministry of Mines and Steel Development (MMSD) had identified
thirty-four minerals of economic importance in Nigeria across the six
regional mining zones. Every state, apart from Bayelsa is said to
contain areas of mineral wealth. Within the minerals, Government has
highlighted a number of strategic minerals that have the pootential to
contribute significantly to Nigeria’s economic development. These
include barite, gold, bitumen, iron ore, lead/zinc, coal and limestone.
Gold
is a chemical element with symbol Au {from Latin:aurum} and atomic
number 79. Gold is a dense, soft, shiny, malleable and ductile metal.
Pure gold has a bright yellow colour and luster traditionally considered
attractive, which it maintains without oxidizing in air or water.
There
are proven reserves of both alluvial and primary deposits of gold with
proven reserves in the schist belt covering the western half of
Nigeria.The most important occurrences are found in the Maru, Anka,
Malele, Tsohon Birnin GwariKwaga, Gurmana, Bin Yauri, OkolomDogondaji
and Iperindo areas, all associated with the schist belts of northwest
and southwest Nigeria. There are also a number of smaller occurrences
beyond these major areas.
At
present exploitation of alluvial deposits is being carried out mostly
by artisan miners in a few places in the country. A number of primary
deposits, which are sufficiently big for large scale mechanised mining,
have been identified in the northwest and southwest parts of the
country.
Given
the huge quantity of gold stored above-ground compared to the annual
production, the price of gold is mainly affected by changes in sentiment
(demand), rather than changes in annual production (supply).According
to the World Gold Council, annual mine production of gold over the last
few years has been close to 2,500 tonnes.
About
2,000 tonnes goes into jewellery or industrial/dental production, and
around 500 tonnes goes to retail investors and exchange traded gold
funds.
Jewelery
consistently accounts for over two-thirds of annual gold demand. India
is the largest consumer in volume terms, accounting for 27% of demand in
2009, followed by China and the USA.
Industrial,
dentistry and medical uses account for around 12% of gold demand. Gold
has high thermal and electrical conductivity properties, along with a
high resistance to corrosion and bacterial colonization. Jewelery and
industrial demand has fluctuated over the past few years due to the
steady expansion in emerging markets of middle classes aspiring to
Western lifestyles, offset by the financial crisis of 2007–2010.
Obtaining Mining Lease in Nigeria
There are two options available to a company or an individual to enter into the mining industry in Nigeria.
Through
the acquisition of an existing mining property from the original owner.
Approval must be obtained from the Ministry of Solid Minerals
Development for such a purchase.
By obtaining on application, either
a Prospecting Right (PR), an Exclusive Prospecting Licence (EPL), or a
Special Exclusive Prospecting Licence (SEPL), the application should
state financial and technical capability qualifying the applicant for
entry into the mining sector.
Incentives / Government Policy on Mining in Nigeria
In order to encourage investment in the solid minerals industry in Nigeria, Government is the offering the following incentives
1. 3-5 years Tax Holiday
2. Deferred royalty payments
3. Possible capitalization of expenditure on exploration and surveys
4. Extension
of infrastructure such as roads and electricity to mining sites, and
provision of 100% foreign ownership of mining concerns.
The
mining industry in Nigeria is regulated by the The Nigerian Minerals
and Mining Act of 2007, National Minerals and Metals Policy 2008 and
Nigerian Minerals and Mining Regulations 2011.
The percentage of royalty charged in the mining industry in Nigeria range between 3%- 5%.
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HUMAN DEVELOPMENT PROGRAMMES AND TRAINING OPPORTUNITY IN NIGERIA
Our human development training programmes are designed to assist our client set-up their respective business on a sound footing.
The
training cuts across different segment of the economy to include
Agriculture, Export and Import, Food and Beverage, Manufacturing, Mining
and Quarry, Oil and Gas, Retail Industry, Telecommunication, Tourism
and Transportation and are facilitated by seasoned professionals in
their respective fields.
Please do visit the link below to access available training programmes
We
prepare business plan, feasibility study and market report for the
small and medium scale industries and develop the entrepreneurial
capacity of our client with the aim of providing the much needed
business data in Nigeria.
In
keeping with our vision of providing services that adds value to our
clients business and resources to develop their business into a strong
and visible global brand, we would like to introduce to you to our
sister websites
www.nigeriaoilandgasportal.com {The one stop for the oil and gas industry in Nigeria}
www.nigeriabusinessplace.com {Online Business Forum}
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details in this article is based on information from various sources
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