MUSCAT, March 18 (Xinhua) -- Oman's newly enacted Law of Mineral Wealth will come into force on Tuesday, 30 days after its official publication, said a senior official on Monday.
The new law strengthens the role of the Public Authority for Mining (PAM) in harnessing the potential of the country's abundant mineral resources in supporting the national economy.
Eng Hilal bin Mohammed al Busaidi, CEO of the authority, said that "the law is based on the results of a comprehensive assessment study on the mineral sector and is guided by a number of relevant national and regional legislations and regulations.
The PAM has ensured that the law includes incentives for developing the mineral sector, boosting its investment appeal, and facilitating and expediting the procedures for obtaining mining approvals, he said.
Al Busaidi mentioned that the law will help address challenges facing the sector. It includes a number of provisions designed to safeguard Oman's mineral wealth while supporting its prudent and sustainable exploitation in advancing economic development.
Under the new law, the PAM will offer mining concessions through public tenders based on "competition, merit and fair play," he said.
It stipulates that all mineral resources, quarry materials and other related mineral wealth within Omani territorial limits, encompassing even Exclusive Economic Zone and continental shelf areas, are the property of the state, which shall be safeguarded, he said.
Ownership, possession, exploitation and disposal of this wealth shall be governed by the provisions of the new law, he added.
