The tax holiday, according to the Minister, would commence from the date the investor commences mining operations in the country.
Fayemi said this while speaking at the opening session of the ongoing Africa Down Under Conference in Perth, Australia. He said the country was determined to return stronger to the global ore and mineral market and would drive the growth and development of the sector through the private sector.
The minister listed other incentives approved by the Federal Government for investors in the mineral and mining sector to include exemption from custom and import duties on mining equipment.
Other incentives available to the foreign investors is that companies could be wholly owned by such investors.
Fayemi also identified security as another major area the government was investing in, in order to ensure security of investment as well as life and properties.