The Ministry of Solid Minerals Development has announced new rates for mining licences to enhance the ease of doing business and consolidate ongoing reforms.
The minister, Dele Alake, who made the announcement, stated that the review underscored federal government’s commitment to increasing revenue from solid minerals to enhance service delivery and bolster mining’s contribution to economic development.
Alake stated that under the new regime, investors applying for a Mining Lease license would pay N3 million, while Small Scale Mining Lease (SSML) applicants will pay N300,000 for the first two cadastral units.
“The cost to obtain an Exploration Licence (EL) is N600,000 for the first 100 cadastral units; a Quarry Lease now attracts N300,000, while reconnaissance permit is N300,000.”
The new regulations, introduced in consultation with industry stakeholders, aim to discourage speculation and address the paucity of funds, limiting federal government’s capacity to improve ease of doing business in the sector.
According to Alake, the new regulations seek to maximise royalties from critical minerals like lithium and gold to boost the country’s revenue base and contribute significantly to economic development.
