Dele Alake, Minister of Solid Minerals Development, disclosed this to journalists during a press briefing in Abuja on Wednesday.

The ministry, had in November 2023, made a revocation of 1,663 mineral licences, which was the first batch of licences revoked.

The newly revoked mineral licences include 528 exploration licences, 20 mining leases, 101 quarry licences, and 273 small-scale mining licenses.

Announcing the second batch of revocation on Wednesday, Alake expressed regret over the high rate of licence racketeering, and dormant mineral licences, and pledged the ministry’s unrelenting effort to address the lapses.

A lake said that the ministry had formulated a policy to enable those whose licences have been revoked and are interested in reinstating such licences back into the system. He, however said such persons must make restitution to the Federal Government through the payment of fines.

For the mining licences reinstatement, the minister put the fine for large-scale companies at N10m, while small-scale mining licences were put at N7.5m, and exploration licences were put at N5m respectively.

The ministry gave 30 days for interested parties to come up to the ministry through the mining cadastral office or risk losing their licences.

Last week, the ministry suspended all mining companies operating inside the Obafemi Awolowo University. About 11 mining companies were operating inside OAU prior to their suspension.