The Federal Government on Tuesday unveiled plans to toughen licensing rules for foreign mining companies in the country.
The Federal Government On Tuesday Unveiled Plans To Toughen Licensing Rules For Foreign Mining Companies In The Country.
The Minister of Solid Mineral Development, Dele Alake, disclosed this on Tuesday during the Nigeria Mining Week event in Abuja.
He said this just a week after announcing the implementation of waivers as an incentive for future investors in the mining sector of the economy.
The Federal Government on Tuesday unveiled plans to toughen licensing rules for foreign mining companies in the country.
The move, according to the government, is to push them to boost processing and refining of metals like lithium and zinc within the country.
Alake also said that international mining companies seeking licenses to operate in Nigeria will be required to invest in domestic processing.
He said, “Nigeria is toughening up licensing rules for foreign mining companies to push them to boost processing and refining of metals like lithium and zinc within the country.”
He referenced the ongoing Ganfeng Lithium Industry Ltd, a Chinese company building a lithium processing plant in the central Nasarawa state, which is expected to process approximately 18,000 tons of lithium ore daily to produce batteries designed for electric vehicles.
Speaking further the minister said, “The mining industry is being modernized, and the government is investing in data collection, spending more than N15 billion over seven years to generate mineral data through a National Integrated Mineral Exploration Project (NIMEP)”.
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