In Photos: Egyptian archaeological mission at Saqqara Necropolis announces new major discoveries    Rare conviction of South Sudan soldiers for rape raises hope    Bahrain's Bank ABC completes $480m acquisition of Blom Bank Egypt    14.7% increase in health expenditures during H1 of FY 2020/21: Maait    Egypt reports 879 new coronavirus cases, 52 deaths on Friday    Talaat Moustafa Group's subsidiary gets approval to develop 5k feddans in Capital Gardens City    LIVE: Egypt v North Macedonia (2021 World Handball Championship)    Uganda's Museveni holds commanding election lead, rival alleges fraud    Ferguson says management all about results, backs Rooney to succeed at Derby    State revenues expected to drop by EGP 150 bln in FY 2020/21 owing to coronavirus    Tennis: Australian Open arrivals hit by 2 COVID positive tests    Retired doctors and more syringes: Biden lays out plan to get America vaccinated    ‘This is not a game': Global virus death toll hits 2 million    Merkel pushes for centrist as party picks new leader    Egypt's Sisi discusses bilateral ties, regional developments with Sudanese delegation    Egypt's Mostaqbal Watan party dominates the leading posts of parliament's 25 committees    Egypt's budget deficit to GDP ratio receded to 3.6% in first half of FY2020/21, revenues rose by 16%    Mubarak-era politician Safwat El-Sherif dies aged 88    Handball: Egypt ease past Chile 35-29 in World Championship opener    Egypt's president, Siemens CEO discuss final deal on construction of electric train system    Hollywood actor Mena Massoud visits Giza pyramids, says is proud of Egyptian culture    Egypt confirms 970 new coronavirus cases, 55 deaths on Tuesday    EgyptAir to operate daily flight to Doha after lifting airspace ban on Qatar    Pound shielded from Covid-19    Egypt reopens airspace and resumes flights with Qatar    Egypt, Tunisia to establish maritime trade route    TVs were high in demand during 2020 on COVID-19 lock down: Samsung    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







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





Parliament initially approves amendments of mineral wealth act
Issuing law to be completed before end of current parliamentary session: Source
Published in Daily News Egypt on 02 - 06 - 2019

The specialised committees at the parliament have initially approved the amendments of the New Mineral Wealth Act No 198 for 2014 which included eliminating the issuance of agreements to look for gold for companies in order to facilitate measures and encourage investors to look for gold in areas of their choice.
A source at the petroleum sector told Daily News Egypt that specialised committees approved in sessions held mid-last month to amend the law.
He added that it is planned to hold the next meeting mid-month, to explain the most important amendments to the parliament before the adoption of the law and issuing it before the end of the parliamentary session.
The source pointed out that the amendments made to the draft law on mineral wealth were prepared by the consensus of all stakeholders in the sector of investors and the government.
He pointed out that a number of governors in their governorates have been consulted about the amendments, in addition to the Federation of Industries and the Chamber of Building Materials industries.
The source stressed that the amendments were made to a number of acts in order to suit and match the state's trend at the current level so as to specify clear controls to utilise mines, quarries, and navigators while avoiding any negative effects of the current legislations, in line with the current social, economic, and political conditions.
The source said that some of the most prominent amendments to the law include establishing a new specialised body that handles issuing licenses for mines and quarries without being limited to specific areas after the specific area was about 16 sqkm.
Also, the licences' period was extended to several terms instead of one and can be eliminated if works were halted for six continuous months after the law stipulated previously that halting would be only for a period of three months.
The amendments to the third article include licenses being valid for mines, quarries, and navigators if they were issued before the law was in force. The controls in the law related to the value of annual rent, royalty, and licensing fees for research and exportation also remain in force.
The source pointed out that the amendments have stressed the specialty of the Egyptian Mineral Resources Authority (EMRA) to conduct the research and exploration operations of mineral wealth as well as its right to handle the technical supervision of the operations of utilising mines, quarries, and navigators.
The law comes within the framework of the state's attempt to achieve the development plans and keep up with global updates in the field of mining, as well as restructuring and developing the sector of mineral wealth, as the goals of the law are focused on optimal utilisation of mineral wealth.
It also seeks to activate scientific research in the fields of geological and mineral mining and exploration, as well as provide the needs of the country from mines and quarries, and establish industrial projects to achieve optimal utilisation of that wealth and maximise their added value in order to increase international and local investments and increase the contribution of the sector of mineral wealth in the national economy in order to maximise the state's revenues.


Clic here to read the story from its source.