(AFP File Photo)
A new mineral resources law is set to be ratified by President Abdel Fattah Al-Sisi within days, according to geologist Fakhry Youssef, undersecretary of the Ministry of Petroleum and Mineral Resources.
The law has been approved by the State Council and the Ministry of Justice.
The law entails allocating a maximum of 25% of total rent revenues from mines and quarries to develop the governorates in which they are located, Youssef said, adding that the value will be determined by the Ministry of Finance.
The law also provides for a portion of mine and quarry rental profits to be directed toward community development, he explained, stating that the value will be deducted from taxes.
The law also involves a limit for royalties and rents imposed on tenants of mines and quarries, which cannot be exceeded by any party.
The law allows amendments for financial figures to be made in its executive regulations in order to keep up with changes, unlike the old law that stipulated that these figures should remain fixed, said Youssef.
Special funds in various governorates were cancelled, as they cut out large portions of profits from mines and quarries, Youssef said.
In six months, the executive regulations will be completed and approved by the cabinet after the law is ratified, said Youssef.
More than seven international laws for utilising mineral resources were reviewed in order to formulate the new law, according to Youssef.
He asserted that attention will not be paid to objections from parties pursuing their own personal interests, as the law has already been discussed with all relevant parties.
