Exec regs for Mineral Resources Act coming this month
REGULATION WATCH- Exec regs for Mineral Resources Act coming this month: The Council of State (Maglis El Dawla) should complete its review of the draft executive regulations for the Mineral Resources Act “within days” before referring it to cabinet for approval, a government source told Al Mal. The cabinet should sign off on the regulations by the end of this month or next, the source says. Industry players have lauded the recent amendments to the Mineral Resources Act for making 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.