State Council wraps up discussion on Mineral Wealth Law

MUSCAT: The State Council concluded its discussion of the “Draft Law Amending Certain Provisions of the Mineral Wealth Law” during its eighth session of the third regular sitting of its eighth term, held on Wednesday.

The session was chaired by Shaikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council, in the presence of Council members and the secretary-general.

At the opening of the session, the chairman welcomed members, noting that the agenda included discussing the draft law and the report of the Economic and Financial Committee in accordance with Article (49) of the Oman Council Law.

During the session, the Council discussed the proposed amendments, where Dr Zafer al Shanfari, Chairman of the Economic and Financial Committee at the State Council, explained that the draft law aims to update the regulatory framework of the mining sector, ensuring alignment with the mandates of the Ministry of Energy and Minerals, while enhancing the attraction of local and foreign investment. He added that the amendments also support sustainable economic diversification in line with Oman Vision 2040, through improving transparency in licensing and supporting sector growth.

The session was chaired by Shaikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council, in the presence of Council members and the secretary-general.

Speaking to the Observer, Dr Zafer said Oman is rich in mineral resources, including copper and gypsum, noting expectations for increasing the sector’s contribution to the national economy, along with expanding supply chains and added value. He added that the amendments aim to enhance the sector’s attractiveness to both local and foreign investment, improve transparency and competitiveness in offering mining projects, and introduce controls to address existing gaps in order to support sector development and serve the public interest.

Meanwhile, Dr Mohammed al Wardi, Rapporteur of the Economic and Financial Committee for the draft law at the State Council, said the proposed amendments aim to enhance the contribution of the mining sector to GDP and improve sector efficiency. He noted that this includes expanding bidding to cover all mining sites, facilitating licensing procedures through coordination by the Ministry of Energy and Minerals with relevant entities, attracting foreign investment by offering additional incentives, and addressing regulatory gaps related to mining licences.

At the conclusion of the session, the Council reviewed a report by the Secretariat-General on the activities of the Council’s bodies.