{"id":567459,"date":"2020-01-23T04:01:38","date_gmt":"2020-01-23T04:01:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/23\/how-much-miners-will-be-paying-under-egypts-new-tax-rent-royalty-model\/"},"modified":"2020-01-23T04:01:38","modified_gmt":"2020-01-23T04:01:38","slug":"how-much-miners-will-be-paying-under-egypts-new-tax-rent-royalty-model","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/23\/how-much-miners-will-be-paying-under-egypts-new-tax-rent-royalty-model\/","title":{"rendered":"How much miners will be paying under Egypt\u2019s new tax + rent + royalty model"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Here\u2019s how much miners, quarriers will be paying under the new tax + rent + royalty <\/strong><strong>model: <\/strong>Private mine and quarry operators will pay out royalties of up to 10%, income tax of 22.5%, and EGP 25k a year per square km in concession rent under the amended Mineral Resources Act, <a href=\"https:\/\/bit.ly\/30L297z\">a government source told Al Mal<\/a>. The source gave the newspaper a rundown on the new rates, a week after Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c6e281f-e87a-4b3a-8734-fd8eb3f67872\">issued the bill\u2019s executive regulations<\/a>. The new model will not be applied retroactively, and will only be valid for new concession agreements with investors.<\/p>\n<p><strong>The royalty rates will be applied to 10 types of minerals to compensate for extraction,<\/strong> and will vary depending on the material. According to the source those rates are as follows:<\/p>\n<ul>\n<li>Gold: 5%;<\/li>\n<li>Mica and Zinc: 6%;<\/li>\n<li>Feldspar: 6-8%;<\/li>\n<li>Magnesium, albite, and copper: 8%;<\/li>\n<li>Iron and potassium: 9%<\/li>\n<li>Phosphate: 10%<\/li>\n<\/ul>\n<p><strong>Industry players have lauded the legislation for making the sector more attractive to investors,<\/strong> in particular welcoming the move away from the production sharing model common in the oil and gas sector, which saw profits split between the investor and the Egyptian Mineral Resource Authority (see: <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/08\/investors-express-interest-in-egypts-mining-sector\/\">here<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/15\/canadas-aton-resources-looks-to-raise-cad-1-5-mn-to-fund-gold-exploration-in-egypt\/\">here<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/01\/top-miners-say-forthcoming-changes-to-mineral-resources-act-are-extremely-encouraging-could-unlock-tidal-wave-of-investment\/\">here<\/a>, and <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/11\/aton-praises-cabinet-approval-of-mineral-resources-act-amendments\/\">here<\/a>).<\/p>\n<p><strong>But we\u2019ll have to wait and see if it bears fruit: <\/strong>Al Mal\u2019s source expects investment in the sector to pick up as a result of the changes, which the government hopes will raise the sector\u2019s contribution to GDP to EGP 7 bn by the end of the decade. B\u2019naire investor Naguib Sawiris said <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/03\/naguib-is-waiting-on-the-mineral-resources-acts-exec-regs-before-deciding-on-gold-investments-in-egypt\/\">last September<\/a> he is considering investing in Egypt\u2019s gold and copper mining industry as a result of the changes and could do so after reviewing the details of the now-released executive regulations.<\/p>\n<p><strong>Background: <\/strong>The amended act was ratified by President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/14\/el-sisi-ratifies-mineral-resources-act-economic-court-act-amendments\/\">last August<\/a>. Besides introducing the new model, it stipulated that royalty payments cap at 20%, and introduced a minimum of 5%. It also outlined the responsibilities of a newly-established committee that will advise on the royalty rate for each raw material separately, as well as a new authority that will take the power to issue and control licenses away from governorates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s how much miners, quarriers will be paying under the new tax + rent + royalty model: Private mine and quarry operators will pay out royalties of up to 10%, income tax of 22.5%, and EGP 25k a year per square km in concession rent under the amended Mineral Resources Act, a government source told [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":567460,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,125,180,3688,373,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-investment-watch","tag-legislation","tag-mineral-resources-act","tag-mining","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"49d3a74b-d8a6-4539-9445-8aca2dd62bed","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/681.jpg","photo_position":"above","related_issue":[567454],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The new interest percentage would\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/77.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571687,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/20\/10-companies-have-taken-out-condition-booklets-to-bid-for-egypts-gold-mining-round\/","url_meta":{"origin":567459,"position":1},"title":"10 companies have taken out condition booklets to bid for Egypt\u2019s gold mining round","author":"enterpriseam admin","date":"20 May 2020","format":false,"excerpt":"Gold miners aren\u2019t spooked by the coronavirus: Ten mining companies have taken out condition booklets for Egypt\u2019s ongoing international gold and mineral exploration bid round, an industry source said, without naming the potential bidders. The Egyptian Mineral Resources Authority has been making it easier for foreign companies interested in purchasing\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569248,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/more-details-emerge-on-executive-regulations-for-amended-mineral-resources-act\/","url_meta":{"origin":567459,"position":2},"title":"More details emerge on executive regulations for amended Mineral Resources Act","author":"enterpriseam admin","date":"18 February 2020","format":false,"excerpt":"REGULATION WATCH- We have more details on the Mineral Resources Act\u2019s exec regs: Additional details have been released on the executive regulations to the amended Mineral Resources Act, according to a document obtained by Enterprise. Among the key regulations: Royalty payments: We had reported last month that private mine and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598961,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/fei-approves-of-mineral-resources-act-amendments\/","url_meta":{"origin":567459,"position":3},"title":"FEI approves of Mineral Resources Act amendments","author":"enterpriseam admin","date":"13 June 2019","format":false,"excerpt":"FEI says it likes proposed amendments to the Mineral Resources Act \u2014 with one caveat: The mines and quarries division of the Federation of Egyptian Industries (FEI) has voiced approval for the main provisions of the Mineral Resources Act amendments, local press reported. The business association appears satisfied with the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598037,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/13\/egypts-cabinet-greenlights-mineral-resources-act-amendments\/","url_meta":{"origin":567459,"position":4},"title":"Egypt\u2019s cabinet greenlights Mineral Resources Act amendments","author":"enterpriseam admin","date":"13 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights amendments to Mineral Resources Act: The Madbouly Cabinet has approved amendments to the Mineral Resources Act and will send the draft bill to the House of Representatives today, a source from the Oil Ministry told the local press. The proposed amendments will have to make it\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/627.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572613,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/egypt-discovers-gold-deposit-in-the-eastern-desert\/","url_meta":{"origin":567459,"position":5},"title":"Egypt discovers gold deposit in the Eastern Desert","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"A gold deposit estimated to hold over 1 mn ounces was discovered in the Eastern Desert\u2019s Iqat region, the Oil Ministry said in a statement. The deposit, which also contains other minerals, is located in state-owned Shalateen Mining Company\u2019s concession area. The area could see investments of more than USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=567459"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567459\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567460"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567459"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567459"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}