|15 January, 2020

Egypt issues new mining law regulations -cabinet

A committee will decide on royalties for different raw minerals ranging from 5% to 20% based on annual production

Image used for illustrative purpose. The Capital Drilling’s Rig 217 extracts core samples from the mineral rich Arabian Nubian Shield in the Eastern Desert near the southern province of Luxor, Egypt May 20, 2016.

Image used for illustrative purpose. The Capital Drilling’s Rig 217 extracts core samples from the mineral rich Arabian Nubian Shield in the Eastern Desert near the southern province of Luxor, Egypt May 20, 2016.

REUTERS/Amr Abdallah Dalsh

CAIRO - Egypt will offer firms royalties of up to 20% under new mining regulations issued on Wednesday, the cabinet said in a statement.

The government hopes the new law will unlock investment in Egypt's vast mineral wealth, which has been stalled by what miners describe as some of the world's most discouraging terms.

Under the regulations a committee will decide on royalties for different raw minerals ranging from 5% to 20% based on annual production, the statement said.

(Reporting by Momen Saied Atallah; writing by Mahmoud Mourad; editing by Jason Neely) ((mahmoud.mourad@thomsonreuters.com;))

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