04/06/2014
New controlsforthe foreign investmentinmining
The Assistant Undersecretary of mining investment in the Ministry of petroleum and mineral Hamza Badawi, revealed the Ministry began studying the age of new rules for the participation of foreign investors in mining in the Kingdom. Abdullah said on the sidelines of the Forum on investment opportunities of mining area city organized by the Chamber of the city under the auspices of the Governor of Medina, Prince Faisal Bin Salman, was opened by the Secretary of the town Dr. Khaled Taher yesterday morning, having modified the study on regulation of granting foreign investors a chance to get the mining licenses in accordance with the regulations set by the Ministry. The mining opportunities available throughout the Kingdom were 1,700 different mining license, which permits the mining of gold, silver, copper or precious metal exploration licenses for, as well as building permits the crushers and ornamental stones, this respect mining licenses, either on investment opportunities in mining, it is available with a number of companies to the Ministry requesting licenses for investment is granted by the system.
And among existing firms, Badawi competent Saudi mining, for foreign companies under the Ministry's current study to modify the regulations against which are grants, with Saudi Foreign partnership, a foreign companies in the future, said mining within certain controls established by the Ministry; the system currently allows foreign investor the opportunity to obtain a license for mining in Saudi Arabia but under controls. Meanwhile, the Executive Director of the mining company of Saudi Arabic ' metal ' engineer Khaled bin Saleh Al mudaifer: the company is planning to drill about 500,000 ounces of gold throughout the Kingdom, including Medina, possibly firing metal manufacturing mills in the province and in other areas of the Kingdom, we seek to develop the mining industry in the value of the author element. Madinah may also become the site of a similar development in the case of our Royal Commission to develop a regional center of aluminum stems.
While the head of the Chamber of Commerce and industry of Medina Mohamed Farag Alkhayrawi, ' this Forum reaffirmed the desire of the Chamber of Commerce and industry of Medina in the activation Chamber in promoting efforts to revitalize economic mobility in Madinah and closer involvement of the business sector in the development process.
