EGYPT’S gold industry is tipped to be one of the beneficiaries of proposals by the country to improve its laws governing extractive industries.
This is in the wake of plans by the mines and petroleum minister to present mining law amendments to Egypt’s parliament in three months, said Reuters. Much of Egypt’s gold is untapped because of restrictive commercial terms, it added.
Tarek El Molla said that among the planned changes is a cap on royalties paid by investors. “It is only changing some of the clauses where we saw that it is a little limiting or restricting investing in the mining sector,” he told a forum for US business people in Cairo.
“We have engaged with everybody so that I think in the coming two or three months maximum we will be able to have a fresh, new-look, appealing law,” he said.
