CAIRO: Prime Minister Ibrahim Mahlab issued the executive regulations of the new mineral resources law to start its application, improving the exploitation of mineral resources, Youm7 reported Sunday.
The Ministry of Petroleum and Mineral Resources said that the new law will generate economic return resembles in foreign currency, establishing raw material industries and offering direct job vacancies.
“The law aims to increase the Gross National Product and the financial returns from mineral resources through amending renting fees and tributes on mineral services imposed since 1956,” Youm7 quoted Undersecretary of Petroleum Ministry Fekry Youssef.
Moreover, Egyptian Mineral Resources Authority (EMRA) Chairman Omar Toema noted that the new law provides for the role of EMRA and the technical supervision on the mines, quarries and salterns’ materials.
He added that the law includes variable contracting ways according to market’s mechanisms, tributes, taxes, production and profits.