RE: Oman RNS!!1 May 2019 08:24
You poor donkey you ;)
15 April, 2019
New reforms that will help fuel activity and growth in Oman's mining sector
Government foresees rapid mining expansion
By Staff Writer, Oxford Business Group
Oman has sought to encourage new activity into its burgeoning mining sector following the ratification of new legislation that will see investors benefit from shorter approval times, more flexible royalty rates and a more transparent legal framework.
In mid-February Omani authorities passed the Mineral Wealth Law, an investor-orientated piece of legislation with provisions relating to exploration and expropriation activities, as well as the types of permits and concession agreements available, among other things.
In order to encourage new investment, the law stipulates that mining permits, which relate to operations taking place over an area less than 5 sq km, will be extended from one year to five years, while concessions – awarded to projects covering an area of more than 5 sq km – have been extended from 20 years to 30.
Meanwhile, the new royalty rate for metallic minerals such as copper, manganese and chromite has been set at a minimum of 5%, down from a flat rate of 10% under the previous law. While the new rate, which reverses a 2016 decision to double the royalty charge, is more favourable to investors, a degree of flexibility has also been legislated for, allowing authorities to negotiate individual royalty rates according to market conditions. For non-metallic minerals such as marble and aggregate, the rate is also set at a minimum of 5%.
Approval processes and transparency to boost investor security
hxxps://www.zawya.com/mena/en/story/amp/ZAWYA20190415060525
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