TML clipboardThe Minister of Mines and Steel Development, Mrs. Diezani Alison-Madueke, has vowed to revitalize the mining sector of the economy.

According to a statement by the Head, Press and Public Relations Unit, Mr. Clinton Oni; in Abuja last week, the minister, in a presentation to an assembly of African mining countries during this year's Prospectors and Developers Association of Canada International Convention, Trade Show and Investors Exchange, in Toronto, disclosed that Nigeria, apart from having had a widespread gold production, was at a time the world's sixth largest producer of tin ore and a predominant exporter of coal.

Mrs. Madueke also told the gathering that Nigeria was a major exporter of columbite and tantalite and also blessed with substantial wolfram and lead/zinc sulphite production,

She blamed the oil boom, inefficient state operations and the collapse of commodity prices for the decline of the mining industry.

The minister outlined a number of initiatives such as Mineral Sector Reform Strategy aimed at bringing back the sector to work.

They include new government posture of global and transparent access to mining titles; reorientation of the government from owner-operator to administrator; positioning the private sector as engine for growth; institutional and human capacity building and the strengthening of geological data generation.

The minister explained that the Nigerian Minerals and Miming Act of 2007 provided for security of tenure of titles/rights; competition for mining rights and titles on the basis of first come, first served; application of the use it or lose it in the administration titles and right to ensure best practice.

In addition, the mining act also provides for the creation of a Mining Cadastre System in mineral administration and the introduction of Commodity Development Agreement.

Prospectors and Developers Association of Canada is a yearly event that normally attracts over 23,000 delegates from more than 100 counties to share ideas and network on new developments in the industry.

This year's outing in Toronto witnessed a downturn in relation to participation level in view of the global financial meltdown.

The global predicament has dealt a great blow to all sectors including the mining industry as a result of fall in commodity prices, decreased demand and tightened access to capital.