FG grants over two hundred and fifty million dollar import duty waiver to Royal salt limited

(Report from Mines and Steel Development Ministry). As part of incentives provided by the Federal Government to attract foreign direct investments to grow and develop the country’s minerals and metals sector in accordance with the provisions of the Nigerian Minerals and Mining Act of 2007, the Federal Government has granted over Two Hundred and fifty Million Dollar worth of import duty waiver to the Royal Salt Limited.
 
The Minister of Mines and Steel Development, Arc Musa Mohammed Sada who was represented by the Director, Mines Inspectorate Department in the Ministry, Engineer Dauda Awojobi announced this during his inspection visit to the Company in Abakaliki, Ebonyi State recently.
 
The Minister said, “According to the Nigerian Mining and Minerals Act of 2007, any equipment that is brought in for the purpose of mining starting with mining exploration, exploitation and processing will be brought into the country duty free. The Government through the Federal Ministry of Finance has granted a total of Two Hundred and Fifty One Million, Forty Seven Thousand, Forty Nine Naira, Sixty Kobo (N251, 047,049.60k) as waiver on import duty on equipment to Royal Salt Limited”.
 
Arc. Sada explained that the Federal government was committed to providing incentives such as waiver on import duty on mining equipment and expatriate quota system, among others to mining investors for the minerals and metals sector to thrive in the country in line with the Transformation Agenda of the present administration.
 
He said the inspection visit to the Royal Salt Limited was necessary in order to get a first hand information on their mining operations and assess the level of progress of its project in line with its minimum work programme as stipulated by the law.
 
 
In the words of the Minister: “We are pleased as a Ministry because they submitted minimum work programme which has highlighted the various programmes they are going to embark on from exploration”.
 
The Minister said the company had recorded tremendous success with the establishment of a resource of 750,000 metric tons of ore which would enable them to commence mining operation in the country.
 
 
Earlier in his welcome address, the Director of the Royal Salt Limited, Mr.Obi  Alio thanked the Federal government for creating an enabling environment for their mining business to thrive in the country.
 
He described the mining project as a pilot project for the country in terms of mining development.
 
Mr. Obi said the project was also community based because of its value addition to the nation’s economy as well as its local content policy.
 
He disclosed that fifty percent of the job to be created would come from the host communities, adding that, the company was established to mine Lead, Zinc, Brine (salt) which would feed the company’s two processing plants in Lagos and Portharcourt for the production of edible salt.
 
 While presenting the Company’s progress report to the Minister, the General Manager of the company,Mr. Chandra Mantri explained that Royal Salt Limited is the current owner and operator of  the mineral property number  ML188( mining lease) for the development of Lead, Zinc and salt.
 
The General Manger said, the mining lease (ML188) was transferred to the Royal Salt Limited in the year 2010 by the Federal government and the total lease area is 21.8 square km and it is covered under the three local government areas of Abakaliki,Ezza south and Ikwo.
 
 
Mr. Mantri disclosed that the company had invested Thirty million dollar so far on the development of ML188 and was committed to developing the nation’s minerals and metals sector so as to boost revenue generation in the non-oil sector.