Mineral Resources Act gets committee-level approval at Egypt’s House
LEGISLATION WATCH- Mineral Resources Act gets committee-level approval at House: Committees at the House of Representatives have given a preliminary nod of approval to the bill that would create a new Mineral Resources Act, according to reports in the domestic press. The long-awaited changes were approved by the Madbouly Cabinet last month. The amendments are still pending a final general assembly vote before being signed into law by President Abdel Fattah El Sisi.
Background: If passed, the amendments would set up a new authority in charge of licensing mines and quarries. They would also lift a previous 16k sqm area limit, allowing the authority to issue licenses to areas of unlimited size and allow licenses to be renewed for more than one term. Mines and quarries licensed under the current legislation would remain valid and be subject to prior terms until renewal. The amendments have been praised by the industry for their promise to scrap the oil-and-gas-style production sharing agreement.