Ministry of Mines and Mineral Resources Lifts Exploration Licence Moratorium
The Ministry of Mines and Mineral Resources has officially lifted the moratorium on the issuance of Exploration Licences, effective immediately.
This pivotal decision opens up new opportunities for companies eager to delve into mineral exploration in the region.
Companies aspiring to secure an Exploration Licence are strongly urged to familiarize themselves with the pertinent sections of the recently enacted Mines and Minerals Development Act, 2022, along with any other related legislations that might apply to their operations.
Furthermore, companies seeking to initiate the application process for an Exploration Licence must adhere to the following schedule: starting from the 1st of October 2023, all applications are to be submitted to the National Minerals Agency (NMA). The NMA will diligently evaluate each application, ensuring compliance with the stipulated requirements within the Mines and Minerals Development Act, 2022.
It is essential to note that, as a consequence of this policy update, all prior applications for Exploration Licences have been nullified. Companies that previously submitted applications will need to reapply under the revised guidelines.