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JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA’S SOLID MINERALS SUB SECTOR

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JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA’S SOLID MINERALS SUB SECTOR

 

 

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Keywords: JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA’S SOLID MINERALS SUB SECTOR

 

 

ABSTRACT

1. Statement
The contribution of solid minerals to the Gross Domestic
Product (GDP) and Foreign Exchange earnings of the country
has been on the decline since the discovery of the Oil Minerals
(Crude Oil) and its commercial exploitation in the late 1950s.

The unwholesome reliance on the mineral has not only led to
the progressive neglect of other sectors of the economy such as
Agriculture, Mining, Manufacturing etc. but has also led to
structural imbalances in the economy, with the effect becoming
manifest in the 1990s.

To address this problem the Government has decided to
explore other viable alternatives that have hitherto been
neglected in order to diversify the revenue base of the country.

The solid minerals sub sector is a viable alternative in this
regard and there are indications that if properly harnessed, the
sector has the potential of contributing substantially to the
revenue earnings of the country in the 21st century.

However, given the long period of neglect it has suffered,
concerted efforts must be made to revitalize it and properly
position if for the role expected of it as a major source of
revenue earning. One of the ways of achieving this objective is
through the use of Joint Venture Agreements.
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A Joint Venture Agreement is essentially a relationship
between two or more persons to conduct a common business for their
mutual benefit with the underlying understanding that shall share in
the profits and losses and each shall have a stake in its management.

Solid minerals development encompassing the stages of prospecting
exploration and exploitation is heavily capital intensive with long
gestation periods and the pooling of financial resources from several
partners, both local and international, under a Joint Venture
arrangement is the most effective and less burdening way of
developing the sub sector.

 

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TABLE OF CONTENTS
CHAPTER ONE

1.0 GENERAL INTRODUCTION

1.1 Origin of the Problem – – – – – – – 1
1.2 Objectives of the Research – – – – – – 4
1.3 Scope of the Research – – – – – – – 5
1.4 Methodology of Research – – – – – – 6
1.5 Literature Review – – – – – – – 7
1.6 Significance of the Work – – – – – – – 12
1.7 Limitations of the Research – – – – – – 13
1.8 Organizational Layout – – – – – – – 14

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CHAPTER TWO
2.0 LEGAL FRAMEWORK FOR SOLID MINERALS
DEVELOPMENT IN NIGERIA.

2.1 Introductory Overview – – – – – – -18
2.2 Definition of Minerals – – – – – – -21
2.3 Classification of Minerals – – – – – -22
2.4 Historical Development of Solid Minerals Industry – – -26
2.5 Historical Evolution of Solid Minerals
Exploitation in Nigeria – – – – – – -30
2.6 Liberalization of Investment Climate – – – – -60
2.7 Ownership and Control of Minerals – – – – -61
2.8 The Era of Old International Economic Order – – -61
2.9 The Era of Permanent Sovereignty of States
Over Natural Resources – – – – – – 66
2.10 The New International Economic Order (NIEO) – – -72
2.11 Mineral Rights Systems – – – – – – -75
2.12 State Mineral Rights System – – – – – – – -76
2.13 Private Mineral Rights System – – – – – – -81
2.14 Resource Control Agitation – – – – – -82
2.15 Conclusion – – – – – – – – -88

CHAPTER THREE
5.0 FORMS OF MINERALS DEVELOPMENT AGREEMENTS
3.1 Early Mineral Agreements – – – – – 95
3.2 Concession Agreements – – – – – -99
3.2.1 Modern Concession Agreements- – – – – -108
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3.2.2 Prospecting Stage – – – – – – – -108
3.2.3 Mining Titles – – – – – – – -112
3.3 Equity Participation Agreements – – – – -116
3.4 Production Sharing Agreements – – – – -119
3.5 Service Contracts – – – – – – – -122
3.5.1 Risk Contracts – – – – – – – -122
3.5.2 Pure Service Contracts – – – – – – -123
3.6 Technical Assistance Agreement – – – – -124
3.7 The Nigerian Experience of Agreements

in Solid Minerals Development – – – – –

3.7.1 State Investment – – – – – – – -126
3.7.2 Private Sector Investment – – – – – – 127
3.7.3 Private/State Investment – – – – – – – 128
3.8 Conclusion – – – – – – – – – 138

CHAPTER FOUR
4.0 CONTENTS OF JOINT VENTURE AGREEMENTS IN
MINERALS DEVELOPMENT
4.1 Choice of Agreement – – – – – -143
4.2 Joint Venture Agreement – Definitions – – – -151
4.2.1 Features of a Joint Venture Agreement – – -153
4.3 Fundamentals Premises – – – – – -155
4.4 Contents of Joint Venture Agreements

for the Development of Solid Minerals – – 160
4.4.1 Clarifying Issues – – – – – – 162
4.4.2 Joint Venture Clauses – – – – – 165
4.4.2.1 Exploration Clause – – – – – – 166
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4.4.2.2 Tenure of Venture – – – – – – -168
4.4.2.3 Termination – – – – – – -169
4.4.2.4 Obligations and Duties of

the Joint Venturers – – – – – – 171
4.4.2.5 Environmental Clause – – – – – -179
4.4.2.6 Stabilization Clause – – – – – 182
4.4.2.7 Re-Negotiation Clause – – – – – 184
4.4.2.8 Force Majuere – – – – – – 191
4.4.2.9 Governing Law – – – – – – 193
4.4.2.10 Dispute Resolution – – – – – – -194
4.4.2.11 Management and Control- – – – – -198
4.5 Conclusion – – – – – – – –201

CHAPTER FIVE

5.0MAKING NIGERIA’S SOLID MINERALS SUB
SECTOR COMPETITIVE: INTERNATIONAL TRENDS
AND LOCALCHALLENGES FACING THE SOLID
MINERALS SUB SECTOR

5.1 Introduction – – – – – – – – 205
5.2.1 Geological Map – – – – – – – 207
5.2.2 Legal And Regulatory Framework – – – -210
5.2.3 Political Factors – – – – – – – 223
5.2.4 Infrastructural Development – – – – -226
5.2.5 Funding – – – – – – – -229
5.2.6 Fiscal Regime – – – – – – -230
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5.2.7 Community Relations – – – – – -240
5.2.8 Skilled Manpower – – – – – – -242
5.2.9 Conclusion – – – – – – – -243

CHAPTER SIX

6.0 RECOMMENDATIONS AND CONCLUSION
6.1. Recommendations – – – – – — 250
6.1.1 Joint Venture Agreement As A Tool
For Revitalizing Nigeria’s Solid Minerals Sub Sector – 250
6.1.2 Investment Climate – – – – — 255
6.2 Conclusion – – – – – – — 259

JOINT VENTURE AGREEMENTS AS A TOOL FOR REVITALIZING NIGERIA’S SOLID MINERALS SUB SECTOR

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