Apart from providing reliable geosciences information on Nigeria to mining investors, the Nigeria Geological Survey Agency (NGSA) has been carrying out projects that provides guidance to the Mines Inspectorate Department in the Ministry of Mines and Steel Development (MMSD), on valuation made by companies on the quality of solid minerals they are exporting.
The Director General of the Agency, Dr Garba Abdulrazaq who dropped the hint at a recent session on geosciences data, in Abuja, said collaboration between NGSA and the Mines Inspectorate is saving the country from huge revenue loss.
The NGSA, he stated carried out some test beneficiation of some lead zink ores, stating that the results are startling, indicating several minerals in the ores. He said some of the minerals have not been factored into the computation of royalties.
He said the feat is made possible by the ability of the agency to explore for minerals and then analyze ore and mineral samples at the agency’s world-class mineral laboratory, in Kaduna.
“We know that some mining companies under-report their mineral discoveries in the field, they can tell you that they found only lead, whereas they also found silver and some other very important minerals,” he said, adding that the collaboration between the NGSA and Mines Inspectorate Department will continue to address the challenge.
Dr Garba said the agency and relevant departments in the ministry will synergize to prevent undervaluation and the attendant revenue loss that it causes the country.
“It will help to prevent revenue leakages in the mining sector,” he said, adding that stakeholders will work together to ensure that the sector delivers its promise of economic diversification and job creation to Nigerians.