{"id":569248,"date":"2020-02-18T04:33:21","date_gmt":"2020-02-18T04:33:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/more-details-emerge-on-executive-regulations-for-amended-mineral-resources-act\/"},"modified":"2020-02-18T04:33:21","modified_gmt":"2020-02-18T04:33:21","slug":"more-details-emerge-on-executive-regulations-for-amended-mineral-resources-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/more-details-emerge-on-executive-regulations-for-amended-mineral-resources-act\/","title":{"rendered":"More details emerge on executive regulations for amended Mineral Resources Act"},"content":{"rendered":"

<\/a> REGULATION WATCH- We have more details on the Mineral Resources Act\u2019s exec regs:<\/strong> Additional details have been released on the executive regulations<\/a> to the amended Mineral Resources Act, according to a document obtained by Enterprise. Among the key regulations:<\/p>\n

Royalty payments:<\/strong> We had reported last month<\/a> that private mine and quarry operators will pay out royalties of up to 10%, income tax of 22.5%, and EGP 25k a year per sq km in concession rent under the bill. The document we reviewed shows that royalties will be payable to the Egyptian Mineral Resources Authority (EMRA) according to the type of mine. The royalty rates apply to 10 types of minerals<\/a> \u2014 including gold, mica, zinc, copper, iron, and phosphate \u2014 to compensate for extraction, with the rate varying depending on the material. Companies will also pay 1% of the value of annual production for mines and 6% for quarries. This payment will be made directly to the governorate in which the mine or quarry is located.<\/p>\n

Issuing and renewing licenses:<\/strong> Exploration licenses will be granted for two years at a time and will be eligible for renewal up to three times. Rent increases of EGP 5-20k per sq km will be applicable after each renewal. Rent can also be changed outside that timeline every three years through a decree from the prime minister, and based on proposals from EMRA and the Oil Ministry. Licensees will need to submit their exploration proposal within 60 days of receiving their license.<\/p>\n

Exploitation licensees will pay an annual rate of <\/strong>EGP 25k <\/strong>per sqkm, and EGP 9 <\/strong>per <\/strong>sqm for white sand.<\/strong> They will also pay an insurance amount equal to the rental value within 30 days of notification. Companies will also pay EGP 15k per sqkm for lands used outside the licensed area for industrial or storage purposes (Article 85).<\/p>\n

Egypt awarded its first new gold exploration license in 15 years to Aton Resources<\/strong>, wereported on Sunday<\/a>. The Vancouver-based company will prospect for gold in the Eastern Desert\u2019s Hamama region under a 20-year license with an additional 10-year option period. The company will also retain rights to explore in the Abu Marawat concession area in the Arabian-Nubian Shield, north of Sukari mine, where existing player Centamin is operating.<\/p>\n

The gov\u2019t will also<\/strong>launch an international gold exploration and mining tender<\/a><\/strong> for areas in the Eastern Desert by the end of this month or early March<\/strong>. It will be the first mining tender since the Mineral Resources Act was amended last year<\/a> and the first for gold exploration since 2017. Centamin is currently the only company producing gold in Egypt from its Sukari mine, while Aton Resources<\/a> and Thani Stratex Resources<\/a> are still exploring concession areas but are yet to strike gold. Centamin achieved an 8% bump in production in 2019 (pdf)<\/a> and plans to increase this figure by at least another 6% to 510k oz this year. The gov\u2019t hopes the tender will boost investment in the sector, raising contribution to GDP to EGP 7 bn by the end of the decade.<\/p>\n

Background:<\/strong> The amended act was ratified by President Abdel Fattah El Sisi last August<\/a>. Besides introducing the new model, it stipulated that royalty payments cap at 20%, and introduced a minimum of 5%. It also outlines the responsibilities of the newly-established committee that will advise on the royalty rate for each raw material, as well as the new authority empowered to issue licenses to, and withdraw them from, governorates.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 quarry operators will pay out […]<\/p>\n","protected":false},"author":1,"featured_media":569249,"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":[4615,2569,72,3688,373,371,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-abu-marawat-concession-area","tag-centamin","tag-enterpriseam","tag-mineral-resources-act","tag-mining","tag-oil-ministry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"56149e41-08f8-4aff-b4f1-378cf03086b2","is_powered_by":true,"section_story_id":"e4a098de-32b7-4881-94da-f3af426608b7","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/241.jpg","photo_position":"above","related_issue":[569232],"teaser":"","voice_url":""},"yoast_head":"\nMore details emerge on executive regulations for amended Mineral Resources Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/more-details-emerge-on-executive-regulations-for-amended-mineral-resources-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More details emerge on executive regulations for amended Mineral Resources Act\" \/>\n<meta property=\"og:description\" content=\"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. 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The business association appears satisfied with the\u2026","rel":"","context":"In "Speed Round"","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":569412,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/sawiris-eyes-51-stake-in-state-owned-shalateen-mining-company\/","url_meta":{"origin":569248,"position":2},"title":"Sawiris eyes 51% stake in state-owned Shalateen mining company","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"M&A WATCH- Sawiris eyes majority stake in state-owned Shalateen: Naguib Sawiris is in talks with the government to buy a 51% stake in state-owned Shalateen Mining, Reuters reports. No further details were provided, including the timeline of the negotiations and the expected value of the transaction. Sawiris, who is the\u2026","rel":"","context":"In "Speed Round"","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\/295.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569325,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/centamin-to-consider-bidding-on-the-mineral-resources-authoritys-upcoming-tender\/","url_meta":{"origin":569248,"position":3},"title":"Centamin to consider bidding on the Mineral Resources Authority\u2019s upcoming tender","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"INVESTMENT WATCH- Centamin \"prepared\" to invest more in Egypt\u2019s mining, waiting on details of int\u2019l gold tender: Centamin is waiting on more details on the Mineral Resources Authority\u2019s upcoming international gold exploration and mining tender before deciding whether or not to participate, but is \u201cprepared\u201d to invest more in Egypt\u2019s\u2026","rel":"","context":"In "Speed Round"","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":569066,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/12\/egypt-to-launch-international-gold-exploration-tender-by-the-beginning-of-march\/","url_meta":{"origin":569248,"position":4},"title":"Egypt to launch international gold exploration tender by the beginning of March","author":"enterpriseam admin","date":"12 February 2020","format":false,"excerpt":"Egypt to launch international gold exploration tender by the beginning of March: The government will launch an international gold exploration and mining tender for areas in the Eastern Desert by the end of this month or early March, Al Mal reports, citing an unnamed source. This will be the first\u2026","rel":"","context":"In "Speed Round"","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\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593243,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/21\/exec-regs-for-mineral-resources-act-coming-this-month\/","url_meta":{"origin":569248,"position":5},"title":"Exec regs for Mineral Resources Act coming this month","author":"enterpriseam admin","date":"21 November 2019","format":false,"excerpt":"REGULATION WATCH- Exec regs for Mineral Resources Act coming this month: The Council of State (Maglis El Dawla) should complete its review of the draft executive regulations for the Mineral Resources Act \u201cwithin days\u201d before referring it to cabinet for approval, a government source told Al Mal. The cabinet should\u2026","rel":"","context":"In "Speed Round"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569248","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=569248"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569248\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569232"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569249"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569248"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569248"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}