• 20:57
  • Friday ,26 October 2018
العربية

Egypt to present mining law amendments within three months: Minister

By-Ahram

Home News

00:10

Friday ,26 October 2018

Egypt to present mining law amendments within three months: Minister

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.