Minister tasks mining companies on improved community relations
THE Minister of Mines and Steel Development, Olamilekan Adegbite has called on mining companies to integrate the community into their operations, in a bid to foster good relations among stakeholders.
The minister who was on a facility tour of Multiverse Mining and exploration Company's Mines in Nasarawa, also enjoined the community youths at the mining location to take whatever opportunities the company offered, admonishing them to be hard working and to shun criminal activities.
Adegbite in the last one month has been on a tour of several mining and steel companies across the country to lend support to them and to inspect the level of work going on in such, as the sector has been given the mandate to diversify the economy, generate revenue for government and to create jobs.
Adegbite during his tour of these companies unveiled some of the incentives the federal government has for the sector .
Indeed the ministry of Mines and steel development has provided a number of incentives to businesses and investors to spur growth in the sector.
Some of the incentives include, waiver on Customs and import duties for plant, machinery and equipment imported for mining operations. Tax holidays of between three to five years for businesses as applicable.
Others include free transferability of funds and permission to retain and use earned foreign exchange . Capital allowances of up to 95% of qualifying capital expenditure. Deductibility of Environmental Costs ( money meant for environmental remediation will be tax free) and 100% ownership of mineral properties.
The Executive Director Multiverse Nigeria Limited, Ayo Oluwasusi, earlier in his address said the company has employed over 400 Nigerians, 95 of which he said, are from the host community. He also revealed that the company had invested about 50 million dollars in the sector.