FG to introduce new royalties’ policy for increased revenue generation – Dr Ogah, Minister of State

In order to ensure that mining operators pay accurate royalties to government toward increasing the revenue generated by the sector, the Federal Government will soon introduce new measures that will effectively address revenue losses in the sector, the Minister of State for Mines and Steel Development, Dr Uchechukwu Ogah has said.

The Minister, who dropped the hint on Monday during his tour of Venus Mining Company and Corner Stone Quarry, Dutse, Abuja, said the policy which execution would begin soon, would require mining companies to submit printouts of their Weigh Bridges to the Ministry for evaluation, adding that it would enable government determine the exact royalties due, based on their sales record.

While he explained that the payment of appropriate amount royalties to government would help to raise the funds needed for infrastructural development for the nation, Dr. Ogah enjoined the management of the companies to adhere to mining regulations, saying that the federal government would continue to promote investment-friendly policies that will create conducive environment for operators.

Earlier, the consultant to the companies, Muhammed Lawal, revealed that Venus Mining Company, a stone aggregate quarry, has the capacity to produce about forty thousand tones monthly, adding that it could produce about sixty thousand tones when the crusher is functioning optimally.

Managing Director, Corner Stone Quarry, Mr. Yilmaz Tavan, who said the quarry began operations in 2016 but had to stop for two years to re-position and re-strategize for better output, explained that as part of its re-positioning effort, the company would take delivery of three new machinery from Turkey, soon.

Discussing some of the security challenges of the company, Tavan said four of the Quarry’s workers were kidnapped and released recently. He appealed to government to provide adequate security for mine sites for seamless operations, and assured of the company’s dedication to operating within mining regulations.

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