Oman adopts new mining law

MUSCAT, March 19 (Xinhua) -- Oman's news.cn/en/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new mining news.cn/en/tag/i0xakdnz62927c76974884/index.html" target="_blank">Law came into force on Tuesday, strengthening the role of the Public Authority for mining (PAM) in exploring the country's mineral resources.

Eng Hilal bin Mohammed al Busaidi, CEO of the PAM, said that the news.cn/en/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new news.cn/en/tag/i0xakdnz62927c76974884/index.html" target="_blank">Law includes incentives of developing the mineral sector, and facilitates and expedites the procedures of obtaining mining approvals.

Under the news.cn/en/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new news.cn/en/tag/i0xakdnz62927c76974884/index.html" target="_blank">Law, PAM has the sole prerogative to offer mining concessions through public tenders based on competition, merit and fair play, he said.

Al Busaidi believed that the news.cn/en/tag/i0xakdnz62927c76974884/index.html" target="_blank">Law will help address challenges facing the sector, as it specifies the rights and obligations of investors in the sector, and sets criteria for appropriately exploiting mineral resources in the country.

According to Ziyad bin Ali al Balushi, Director of the Legal Affairs Department, the PAM is currently working to prepare the executive regulations in support of the news.cn/en/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new mining news.cn/en/tag/i0xakdnz62927c76974884/index.html" target="_blank">Law, which will stipulate penalties for offenders of the news.cn/en/tag/i0xngaj3163f76200c981b/index.html" target="_blank">new news.cn/en/tag/i0xakdnz62927c76974884/index.html" target="_blank">Law.

For example, those found engaging in mining activities without a valid license are liable to prison terms ranging from one to three years, in addition to fines extending from 20,000 Omani rials (51,939 U.S. dollars) to 100,000 Omani rials. Enditem