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Thursday, 17 October 2019

Gov’t to complete exec regs for Mineral Resources Act next month

REGULATION WATCH- Exec regs for Mineral Resources Act coming next month: The executive regulations for the Mineral Resources Act will be completed at the beginning of next month, an official source from the oil sector told Al Masry Al Youm on the sidelines of the Mediterranean Offshore Conference in Alexandria. The government has completed 80% of the regulations, which reportedly address specific complaints made by investors. Industry players have said the recent amendments to the Mineral Resources Act have made Egypt’s mining sector more attractive for investors.

Background: Ratified in August, the amendments expand the size of concession areas, grant a new authority the power to issue licenses for areas of unlimited size, and allow companies to renew their licenses for more than one term. Separate contracts will be used for exploration and excavation areas, and royalties will be capped at 20% of the value of annual production.

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