State Council debates draft of Mineral Wealth Law

MUSCAT: The State Council on Thursday decided to form a technical drafting committee to incorporate the views of the Council members in the Draft Mineral Wealth Law. The session chaired by Dr Yahya bin Mahfoudh al Mantheri, Chairman of the State Council, was held in the presence of the Council members and the Secretary-General.

The council discussed the Mineral Wealth Draft Law referred by the Council of Ministers, the report of the State Council’s economic committee and the report of the Majlis Ash’shura on this draft law.
The Council Chairman at the beginning of the session reviewed the agenda, which included the discussion of the draft law on mineral wealth.
The Head of the Economic Committee, Shaikh Mohammed bin Abdullah al Harthi, delivered a speech regarding the draft law, stating that it includes 74 articles divided into five sections. He said that the draft law specifies that the government has a set of objectives consistent with the standards of governance and modern laws.
The most important of these is the provision of more attractive investment, facilitating and speeding up procedures for obtaining mining approvals and providing promising mineral areas for investment.
He added that the committee focused on rewriting some of the project’s articles to enable it to achieve its objectives and ensure its ability to outline the policies that must be followed to overcome the great challenges that faced this sector in the past period and enable it to grow on a sustainable basis.
During the discussion of the draft law, the members highlighted the importance of supporting the growth of the mining sector, which is one of the five promising sectors of the ninth five-year plan, pointing out that the development of the sector will contribute to boosting its contribution to the Omani economy.
The council was briefed regarding the report of the Secretariat on the activities of the Council for the period between the 7th session and the present one, as well as the approved the minutes of the 7th regular session of the 3rd annual session of the sixth- term.