1,263 mineral licenses have been revoked by the Federal Government due to annual service fees default.
These include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.
Approving the revocation following the recommendation of the Mining Cadastre Office, the Minister of Solid Minerals Development, Dele Alake said applying the law to keep speculators and unserious investors away from the mining sector would make way for diligent investors and grow the sector.
The latest revocation brings the total mineral titles revoked under the current administration to 3, 794 including, 619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year.
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