Economy

Arkab: new mining draft law to be submitted to discussion in coming weeks

The Minister of Energy and Mines, Mohamed Arkab announced today, Tuesday in Algeria,  that his ministerial department has completed the new draft mining law, which will be submitted to discussion in the coming weeks.

In a speech he delivered during the information day on the promotion of mining investment, Mr. Arkab considered that the in-depth review of the current mining law is “ inevitable, in order to make the legislative and regulatory framework attractive to investors and adaptable to new changes.”

This step is part of the implementation of the work plan of the Ministry of Energy and Mines, which includes the reform of the legislative and regulatory framework related to mining activities to ensure investment attractiveness in the mining sector.

In this regard, the Minister stressed the importance of developing the mining sector in accordance with international standards related to the respect for the environment and respect for competitiveness within the framework of sustainable development.

He also pointed out that improving the performance and results of works related to geological infrastructure and mining research depends on modern and advanced techniques such as geophysics through the atmosphere and remote sensing, in addition to “the efforts that must be made with regard to digitizing and developing information systems.”

Arkab considered that pushing Algerian companies, public and private, to invest in the field of exploration in particular and mining activities in general, as well as attracting direct foreign investments, constitutes a “pillar” for developing the field.

In general, the national program for the development of the sector aims at valuing mineral resources to create wealth, continuous search for added value, creating job opportunities, and meeting the primary needs of raw materials that are included in the activities of the manufacturing industry.

It also seeks to reduce the import bill for mineral materials and to target the export of the surplus of some of these materials and those derived from them in the future to bring in hard currency, the minister added.

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