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The Ministry of Industry and Mineral Resources said that the new mining investment law, which includes 63 articles, will be applied 180 days after its publication date following the completion of the preparation of the executive regulations.
The ministry announced, through its official Twitter account, the main updates in the law in terms of financial consideration, sustainable financing, and powers, to grant licenses on the Kingdom lands, sector governance and others.
The table below indicates the most prominent amendments and their effect:
Major Amendments to the New Mining Law & Expected Impact |
||
Major amendments |
Expected impact |
|
Financial consideration and encouraging investment in value chains |
- Determining the financial consideration for exploitation according to the type and categories of minerals as well as the type of exploitation license. - Motivating investors to process raw materials within the Kingdom by reducing financial consideration for companies that invest in these operations. |
- Achieve financial justice for all beneficiaries - Contributing to increasing the Kingdom’s revenue. - Encouraging investment in value-added chains for the minerals industry and providing industrial raw materials locally. - Clarifying the regulatory requirements for developing, operating and closing the mine for the investor to take into account in his investment decisions. - Providing financial incentives to support sector development and investment in common infrastructure between the public and private sectors. |
Sector governance |
- Providing technical competencies and modern financial and technical resources. - Developing the beneficiary’s trip and employing technologies to serve the sector. - Setting controls to ensure financial commitment and achieve optimum utilization of mineral resources. - Evaluate all requirements for obtaining licenses |
- Increasing Kingdom’s revenue.
- Increasing the coverage of mining operations. - Ensuring that license holders comply with the best technical and environmental standards. - Reducing the number of violations which contributes to raising the investment attractiveness for complied companies. - Raising the efficiency of controlling mining violations using modern technologies. - Create jobs for local communities. |
Sustainability |
- Obligating applicants of some licenses to submit an environmental study and plan for the development of local communities, rehabilitation and closures. - Obligating holders of exploitation licenses to provide a financial guarantee for rehabilitation and closure. - Reducing law violations by determining the causes of penalties and raising the fines value. |
- Developing local communities and providing new job opportunities. - Increasing the contribution of local content to local communities’ development. - Protecting rights of local communities and contributing to the economic development of the least developed regions. -Attracting and encouraging Saudi youth to work in the sector. - Ensuring that appropriate standards are in place to monitor environmental compliance, health and safety. -Promote the principle of social licensing and making mining welcome in local communities. |
Licenses regulations |
- Allowing the issuance of licenses for small mines for some Class A metals, such as gold and precious stones. - Reducing the procedures and requirements of mining licenses for small investors. - Amending the periods and areas of some exploitation and detection licenses to improve the mining investment environment. - Granting the investor the right to mortgage licenses and changing company’s management after notifying the ministry without requiring permission. |
-Increasing numbers of local developers and small investors. -Finding financing channels for mining licenses. - Providing a safe and attractive investment environment for small and large investors. - Clarity and transparency of the requirements for obtaining mining licenses. - Increasing statistics, geological information and developing databases. - Increasing exploration spending rates. |
Powers to grant licenses on the Kingdom’s lands |
- Facilitating the process of issuing licenses and reserving mining areas for mining investment as mining complexes. - Determining the lands excluded from the law and the lands on which approval must be taken before granting licenses for exploration and exploitation or seizing them for mining activities. - Determining the legal instrument for separating government agencies through a committee to determine the powers of land use. |
- Ensuring the stability of mining licenses over the validity of the license. - Increasing transparency in the Ministry's powers to enhance investor confidence. - Development of mineral deposits areas. - Reducing procedures period. - Eliminating duplication of local land regulations. - Clear governance to determine land-use powers. - Reducing the investors’ risk which leads to increased investment and capital spending. |
Sustainable Financing |
Setting up a mining fund at the ministry |
-Granting the ministry a sustainable source of funding to ensure long-term contracting and reduce program costs. -Support exploration and general geological survey activities. - Supporting the rehabilitation activities of abandoned mines. - Providing sustainable financing for Mining Services Co. - Supporting training and development for cadres in the sector and research studies. |
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