The Minister of Mines and Steel Development, Mr. Mohammed Musa Sada, has said Nigeria has a proven reserve of 620,000 0unces of gold in Ogun State.
He also stated that coal resources existed in 13 States of the country with the current exploration results indicating over one trillion tons.
The minister asserted this in his presentation at the International Conference on Mining, tagged “INDABA 2012” in Cape Town, South Africa recently.
In a statement signed by the Deputy Director Press (DDP), Marshall Gundu, he asserted that one of the mining companies in the country (Ratel) had a proven gold reserve of over 620,000 ounces in Eperindo, Osun State.
He said “government had established a standard testing laboratory to fast-track the development of vast deposits of colourful granites and marbles available in the country, while the development of coal for power generation was a priority of the present administration”.
Presenting policies and programmes that will attract investment to the minerals and metal sector, Sada announced various incentives by the federal government, ranging from capital allowances up to 95 per cent of qualifying capital expenditure, waiver of customs and import duties for plant among others for potential investors.
He also asserted that the federal government had created an enabling environment to stimulate sustained growth through the full exploration and exploitation of the vast mineral resources available in the country.
Sada said the regulatory framework such as the Nigerian Minerals and Mining Act of 2007 and Mining Regulations were in line with international best practices and had been put in place to ensure security of tenure, greater transparency in granting access, competitive fiscal terms and the encouragement of industry led by the private sector.