{"id":598961,"date":"2019-06-13T04:00:00","date_gmt":"2019-06-13T04:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/fei-approves-of-mineral-resources-act-amendments\/"},"modified":"2019-06-13T04:00:00","modified_gmt":"2019-06-13T04:00:00","slug":"fei-approves-of-mineral-resources-act-amendments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/13\/fei-approves-of-mineral-resources-act-amendments\/","title":{"rendered":"FEI approves of Mineral Resources Act amendments"},"content":{"rendered":"

<\/a> FEI says it likes proposed amendments to the Mineral Resources Act \u2014 with one caveat:<\/b> 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<\/a>. The business association appears satisfied with the amendments governing licensing, the regulatory framework, and punitive measures when it presented its suggestions to the House\u2019s industry committee this week.<\/p>\n

Their primary gripe appears to be the royalties.<\/b> Under the draft currently being discussed in the House<\/a>, companies will have to pay a minimum royalty of 5% of annual production, with a 20% cap being set. The FEI would like to see the royalties be brought down to within the 3-10% range. Instead of paying governorates 6% of the mine\u2019s production in \u201crent,\u201d the FEI is suggesting that revenues from royalties be split between the Egyptian Mineral Resources Administration (EMRA) and the governorate. They also would like concession rights to be limited to six years, with the license being revoked if the concession has not been developed within two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 amendments governing licensing, the regulatory […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,916,180,373,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598961","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-federation-of-egyptian-industries","tag-legislation","tag-mining","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c645d898-ab0b-4a54-99a2-0e4037bcef42","is_powered_by":true,"section_story_id":"5d6dcb6b-510e-460d-bd26-342205d89224","story_type":"1","photo_url":"","photo_position":"above","related_issue":[598947],"teaser":"","voice_url":""},"yoast_head":"\nFEI approves of Mineral Resources Act amendments - 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\/2019\/06\/13\/fei-approves-of-mineral-resources-act-amendments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FEI approves of Mineral Resources Act amendments\" \/>\n<meta property=\"og:description\" content=\"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. 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