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Sunday, 15 December 2019

Mineral Resources Act exec regs should come out this month

REGULATION WATCH- Mineral Resources Act exec regs should come out this month: The executive regulations of the Mineral Resources Act should be making their way to cabinet for approval before the end of this month, an unnamed source from the Egyptian Mineral Resources General Authority tells Al Shorouk. The Council of State (Maglis El Dawla) had been expected to complete its review of the draft and ship it to the Madbouly Cabinet last month, but the source did not clarify whether the council has indeed completed its work.

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. Industry players have lauded the recent amendments to the Mineral Resources Act for making Egypt’s mining sector more attractive for investors.

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