Egypt to increase rental values for mines by 20,000% | Egypt to increase rental values for mines by 20,000% -
mining

Egypt to increase rental values for mines by 20,000%

: Thursday, June 05 - 2014 @ 03:14

Egypt’s petroleum ministry has received a draft law by Mineral Resources Authority (EMRA), which, if approved, will increase the rental value for mines by nearly 20,000%, Ahram has reported. Once the cabinet approves the draft law, the annual lease value for Egypt’s mines will be raised from EGP25 ($3.50) per sq km to EFP5,000 ($700), said EMRA head, Omar Teama. The draft law charges EGP5,000 per sq km annually in the exploration phase, and EGP10,000 ($1,400) in the extraction phase. It also allows the government to receive a royalty fee set at 10% of the miner’s annual production.

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Thursday, June 5- 2014 @ 3:14 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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