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The new Egyptian mining law: a bold step
SOURCE: English
Orascom Investment Holding Chairman Naguib Sawiris called the new mining law in Egypt a "bold move" and should familiarize himself with its regulations to open up investments in exploration, of exploration and extraction.
Sawiris said in an interview with the "Arabs" that "the basis of the expected evolution in this law is the amount of taxes collected by the state, as well as the customs treatment and tax to be subject to it. sector.
He pointed out that various countries in the world provided tax treatment for customs duties, franchise and franchise, while Egypt was the only country to share production with investors, which led to the reluctance to this vital sector.
The Egyptian Mineral Resources Authority is preparing, under the new law, which should be issued by the executive regulation, to map the research sites and to look for gold to investors without bidding next year.
Companies will apply for licenses to search a given area, submit a research plan, and comply with stipulated periods without a contract.
Sawiris also described the mining sector as "a potential source of revenue for oil in Egypt".
He added that Egyptian and international investors had opportunities in different countries of the world, such as Ghana, Côte d 'Ivoire, Burkina Faso and other countries. The new law and its regulations The application is expected to increase Egypt's competitiveness in this area by extracting gold and copper at the regional level.
He highlighted his group's investments in Ghana, Côte d'Ivoire, Burkina Faso and Australia, hoping that the new law would give Egyptian investors the opportunity to invest in their country in this vital sector.
It is also expected that the opening of the field of investment in the extraction of gold, copper and others, by the granting of new licenses or l & # 39; 39, entry into existing companies, through investments in mines requiring significant capital, and that it is necessary to study the rules of execution of the new law and to know the l & # 39; magnitude of the risk of entering this area. .
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