Minister of Petroleum and Mineral Resources, Tarek El Molla, discussed new modifications of the mineral wealth law with the House of Representatives, Egypt Oil & Gas reports.
The minister ensured that all the stakeholders, investors and the commerce chambers took part in planning for the modification process along with a specialized ministerial board.
El Molla explained that the new amendments focus on improving the financial system, granting work permits for miners through simplifying the procedures needed, in addition to separating between the licenses needed to search for mineral wealth and the licenses need to exploit them, giving investors more flexibility to research and explore mineral resources.
He also added that the government will have a maximum of 20% and a minimum of 5% of any exploration and production (E&P) investment, and will allocate from 1% to 6% to contribute to the community.
The Ministry’s strategy aims to attract $700 million worth of investments and provide 110,000 job vacancies to enhance the petroleum and mineral resources sector.
The modifications came as a step to support the government’s goal of maximizing its natural resources in light of Egypt’s sustainable development vision for 2030 and coping with the international mining investments development, which will guarantee attracting the best mining companies in Egypt, as well as for the investors after providing with clear conditions and policies that supports and proves the sector’s stability.