STATE MINERAL RIGHTS SYSTEM Sample Clauses

STATE MINERAL RIGHTS SYSTEM. A State Mineral Rights system is one in which the ownership and control of mineral resources is vested in the State to hold in trust for and on behalf of the citizenry. The system is founded on the fundamental basis that all minerals belong to the State. In asserting its full and complete ownership, the State in turn grants leases, licenses and other rights to private persons and companies for the exploitation of the minerals subject to certain terms and conditions including the tenure of the grant. The State Mineral Rights system has been the system that has taken root in Nigeria as captured in the National Policy of Solid Minerals, 1988. The vesting of ownership of minerals in the State to hold, control and manage for and on behalf of the people is firmly established both in our Fundamental Law, the Constitution and the Minerals and Mining Act, 1999.
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