MUSCAT: The Economic Committee of the State Council discussed on Wednesday at its ninth meeting, the draft law of mineral wealth, following the receipt of the relating report from Majlis Ash’shura. The committee meeting, chaired by Shaikh Mohammed bin Abdullah al Harthi, was held in the presence of the members of the committee, hosted Hilal bin Mohammed al Busaidy, CEO of Public Authority for Mining (PAM), to discuss the draft law. The draft law aims to provide more attractive investments in the mining sector, and to increase the time limit for the validity of mining licences, facilitating and expediting procedures for obtaining mining approvals.
This also provides promising mining areas and offers them to compete on the basis of equal opportunities in an environment of openness and transparency, increased penalties for mining offences and broader powers for inspectors and judicial seizure, the obligation to contribute to community development as well as the protection of the environment surrounding mining operations.
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