The Importance of Reliable Data in Securing Funding for Mining Businesses
The Honourable Minister of Solid Minerals Development, Dr. Oladele Alake, has conveyed his frustration regarding the dearth of dependable data provided by mining companies to data banks, citing that this obstacle is impeding efforts in securing funding for mining enterprises. These comments were articulated during the 59th Annual Internal Conference and Exhibition of the Nigeria Mining and Geosciences Society (NMGS), which took place in Jos, Plateau State.
While addressing the attendees, the minister, represented by the Director-General of the Nigeria Mining Cadastre, Simon Nkom, urged engineers and geologists to consistently forward their new discoveries to the Nigerian Geological Survey Agency to update its knowledge base on rocks. He underscored the significance of disseminating geological and hydrological data, asserting that such information is vital for investors during the decision-making process.
Furthermore, Governor Caleb Muftwang of the state stressed the necessity for heightened sector regulation to combat the prevalence of illicit mining activities, advocating for transparency and good governance to thwart criminality within the sector.
Additionally, the President of the NMGS, Prof. Akinade Olatunji, championed the involvement of geoscientists in construction projects to avert building collapses, as well as the improvement of the country’s water sector to address challenges such as flooding and the absence of potable water.
The workshop on the adoption of the Electronic Mining Cadastre System-eMC+ by mining sector stakeholders accentuated the significance of transparency within the mining sector and the potential impact of the electronic system in creating an equitable platform for mining title issuance, subsequently attracting more investors to the sector.
