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Thursday, 28 January 2021

Egypt to present mining law amendments within three months: Minister

Reuters , Thursday 25 Oct 2018
Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, speaks on the telephone during an interview at his office in Cairo, Egypt, October 29, 2015 (Photo: Reuters)
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Egypt will present mining law amendments to parliament within three months to make the industry more attractive to investors, the country’s minister of petroleum and mineral resources said on Thursday.

The law is of particular interest to investors because of Egypt’s potential gold production, with much of the country’s gold untapped because of restrictive commercial terms.

The minister, Tarek El-Molla, said that among the planned changes is a cap on royalties paid by investors.

“It is only changing some of the clauses where we saw that it is a little limiting or restricting investing in the mining sector,” he told a forum for U.S. business people in Cairo.

“We have engaged with everybody so that I think in the coming two or three months maximum we will be able to have a fresh, new-look, appealing law.”

Egypt has struggled to attract foreign investors since a 2011 uprising, though investment in the oil and gas sector has been increasing.

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