Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Egypt launches first national workshop on food systems, climate action with UN, global partners    Al-Sisi reviews Egypt's food security, strategic commodity reserves    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's gold prices grow on July 13th    CBE's Abdalla attends Arab central bank governors' meeting ahead of Sept summit    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Cabinet approves amendments to Mineral Resources Law, sends it to parliament
Amendments approved by concerned authorities to be discussed in parliament on Tuesday, says source
Published in Daily News Egypt on 12 - 05 - 2019

The cabinet approved the amendments proposed by the ministerial working group, formed under the chairmanship of the minister of petroleum and mineral resources, to amend the Mineral Resources Law No. 198 of 2014 and will be sent to the House of Representatives for discussion and approval on Tuesday.
A source in the petroleum and mineral resources sector told Daily News Egypt that the amendments to the Mineral Resources Law were prepared by consensus of all concerned parties in the sector of investors and the government.
He pointed out that the working group consulted governors who have mineral resources in their governorates, in addition to the Federation of Egyptian Industries.
The sources pointed out that the amendments came in a number of articles to suit and conform to what the state seeks at currently in order to define clear methods and controls for the exploitation of mines and quarries, while avoiding any negative aspects of existing legislation and remaining in line with the current social, economic, and political conditions.
The source pointed out that the most important amendments to the Mineral Resources Law is the establishment of a new competent authority to issue licenses for mines and quarries, and that the new competent authority is to grant licenses for areas without restriction of a certain area after being limited to about 16,000 sqm.
In addition, it allows renewing licenses for similar periods after they were limited for only one term, and the revocation of the license if the work stops for six consecutive months after the text previously contained in the law provided for a stop for only three months.
The amendments to Article 3 states that “the licenses of mines and quarries issued prior to the operation of the annexed law shall continue to be valid and the provisions therein shall remain in force and the provisions of the annual rent, royalty, and licensing fees for research and exploitation contained in the accompanying law shall apply to such licenses upon renewal.”
The source pointed out that the amendments confirmed the competence of the Egyptian General Authority for Mineral Resources in the search for mines, as well as its right to technical supervision of the exploitation of mines and quarries.
The draft law on mineral wealth comes within the framework of the Egyptian state's efforts to achieve development plans, pursue global developments in mining, restructure and develop the mineral wealth sector. The objectives of the law are to optimise the use of mineral resources.
In addition, there is the activation of scientific research in the fields of geological and mining exploration as well as mining, to provide the country's needs of mining materials and quarries, and establish industrial projects on mining and quarries' materials in order to achieve the optimal benefit of this wealth and maximise the added value, as well as develop projects and industrial zones based on mineral wealth.
This is in order to attract more international and domestic investments and increase the contribution of the mineral wealth sector in the national economy in addition to maximising the returns for the state.


Clic here to read the story from its source.