The Minister of Solid Minerals, Dr Kayode Fayemi, has said that the ministry has completed a review of its mining licenses and will publish the results next week, adding that does who did not comply faced having their licenses revoked.
Fayemi, had last year said that in its bid to diversify the economy, the Federal Government has expressed readiness to invoke the extant laws on illegal miners in bringing them to justice.
He added that an amnesty period for companies to comply would not be extended beyond March 1 as the country was looking to reduce its over dependence on oil.
The former Ekiti State Governor said the Mining and Mineral Act 2007 had provided the government the legal weapon to prosecute illegal miners and saboteurs.
He stated that the nation had the potential to become a global leading player in the sector with 44 key minerals, which, he said could be found in about 350 locations in the 36 states.
According to him, President Buhari’s administration has taken solid mineral development as one of its key areas of interest, with the sole aim of boosting the nation’s economy. He explained that in the wake of dwindling oil revenue, the current administration had taken copious steps to explore other critical sectors of the country’s economic potentials.