NSDV’s Post

The House of Representatives suggests allocating 5% of overall revenue to host communities for solid minerals. The legislation concerning Solid Minerals marks a pivotal moment for our nation's mineral wealth and extensive mineral resources, which have largely remained untapped and overshadowed by our dependence on oil. The House of Representatives Committee on Solid Minerals is suggesting that 5 percent of the revenue from all mined minerals be allocated to host communities (hostcom) due to the informal nature of the sector. This proposal was announced by Rep. Jonathan Gbefwi (SDP, Nasarawa), Chairman of the House Committee on Solid Minerals, during a Public Policy Dialogue held in Abuja on Monday. The legislative piece titled "Nigerian Minerals and Mining Act (Amendment) Bill" is sponsored by Rep. Jonathan Gbefwi and Rep. Benjamin Kalu (APC, Abia). The Chairman highlighted that the passage of the bill would enable formal collaboration between the State and Federal governments to exploit the sector's benefits. He stated, "The primary bill repeals and reenacts the principal Nigeria Minerals and Mining Act 2007 by restructuring it based on priority areas. Security is a significant factor contributing to the stagnation of the Solid Minerals sector, addressing many challenges and issues prolonging the deadlock." He continued, "Establishing Mines Inspection and Environmental Agency will enhance oversight of mining activities, with offices in every State for reporting and oversight. One of the security lapses identified is the lack of coordination between federal and State governments." Furthermore, he emphasized, "The bill proposes the establishment of a Solid Minerals Development Company, with 75% ownership allocated to the private sector and 25% to the Nigerian federation, of which 25% will boost the public breakdown. The aim is to bridge the gap between federal and State governments, empowering the Mineral Resources and Environmental Management Committee (MIREMCO) for effective oversight." Moreover, he stressed the need for efficient policies to enforce environmental remediation funds to ensure proper site restoration after mining activities. Regarding the Public Policy Dialogue, he stated, "Stakeholders play a crucial role in ensuring the adaptability and implementation of the Bill." Deputy Speaker of the House of Representatives, Rep. Kalu, highlighted the significance of the solid mineral sector for Nigeria's economic growth and sustainable development. He emphasized the need for private-sector-led initiatives to unlock the sector's potential. He cited examples like the Segilola Gold Project in Osun state, which is injecting millions into the economy and attracting investments, demonstrating the sector's capability to contribute to GDP growth and attract foreign exchange. However, he acknowledged challenges such as insecurity, inadequate infrastructure, and a shortage of skilled labor, which hinder the sector's progress.

Australia’s Resource Minister Madeleine King will visit the U.S. and Canada this week to attend conferences and hold talks on critical minerals, supply chains, and decarbonization. She will also meet with her Canadian and U.S. counterparts to promote Australia’s mining sector and emphasize the high ESG and safety standards in the industry Down Under in an effort to get them on board a green surcharge for critical minerals. #criticalminerals #rawmaterials #australia #esg #supplychains

ICYMI: Coinciding with Mining Indaba, an int'l coalition of environmental groups (Lead the Charge) released a report assessing third-party mineral sourcing assessment systems. The Business & Human Rights Resource Center did a write up of the report. #electricvehicles #energytransition #responsiblemining

Yet another independent assessment of of responsible mining standards puts IRMA at the top.

In light of the recent article about U.S. lawmakers pushing for funding in deep-sea mining to lessen reliance on China for critical minerals, it's time we consider the Earth Responsibility Score (ERS) in our discussions. Deep-sea mining, while offering an alternative source of essential minerals for industries like EV batteries and weaponry, raises significant environmental concerns. The introduction of the Responsible Use of Seafloor Resources Act emphasizes the need for diversification in sourcing critical minerals but also highlights the environmental and social implications of such actions. As professionals, we must balance innovation and environmental stewardship. Let's advocate for comprehensive assessments of environmental impacts and promote responsible mining practices. #SustainableBusiness #DeepSeaMining #EnvironmentalImpact #Innovation #CriticalMinerals

Big strides towards transparency in mining reporting! With the integration of two international standards, MRMR 2024 is poised to explore the impact on accurate data reporting in the industry. Join us as we discuss this game-changing development and its implications for the future of mining. #MRMR2024 #MiningStandards #TransparencyInReporting

Critical Minerals Africa 2024 to Explore Translating Mineral Policy into Tangible Projects https://lnkd.in/dcUFKvn8 - The Cooperator News CAPE TOWN, May 31, 2024 – Global demand for critical minerals is projected to grow three-fold by 2040, highlighting a strategic opportunity for African producers to increase output and the development of untapped mineral deposits. A shift in focus by global players towards African projects has created an opportunity for the continent to leverage new and existing regulations to attract foreign investment in mining. The Critical Minerals Africa [CMA] 2024 Summit – taking place November 6–7 in Cape Town – will host a ministerial panel session, discussing policy frameworks, regulatory reforms and best practices to help African critical mineral producers …

The recently released digital Australian Critical Minerals Prospectus highlights more than 55 investment-ready critical minerals projects across Australia.  #criticalmineralsprospectus #criticalminerals #projects #miningnews #miningmagazine