02 JUNE 2015AlCircle.com
Oman plans to increase mining royalties from July 1, 2015
Edited by : AL CIRCLE
2 min read
The Public Authority for Mining in Oman, a body under the Ministry of Commerce and Industry, has declared a rise in royalty rates from 5 to 10 percent which will be implemented from July 1, 2015.
Companies and establishments in the mining sector are being urged by the Authority to "to settle all financial arrears relating to revenue submission before the rate rise decision comes into force on July 1".
Although the Authority is a part of the Ministry of Commerce and Industry, it functions as a separate entity working towards regulating the country’s mining industry which has been experiencing a boom in recent years, inviting interest from foreign and local operators.
In 2013, the mining and quarrying sector contributed RO 107.7 million to the GDP, at a compound annual growth rate of 23 per cent over a decade.
Recently, countries like Canada, India and other countries in the Gulf region have been investing considerably in Oman for their mining and quarrying projects.
"Investment is set to gather momentum particularly in the copper mining sector and the aluminium metals sector. As Oman's government seeks to diversify the economy away from dependence on oil revenue, we expect mining and metals investment opportunities to abound", BMI says in its research report.
Companies and establishments in the mining sector are being urged by the Authority to "to settle all financial arrears relating to revenue submission before the rate rise decision comes into force on July 1".
Although the Authority is a part of the Ministry of Commerce and Industry, it functions as a separate entity working towards regulating the country’s mining industry which has been experiencing a boom in recent years, inviting interest from foreign and local operators.
In 2013, the mining and quarrying sector contributed RO 107.7 million to the GDP, at a compound annual growth rate of 23 per cent over a decade.
Recently, countries like Canada, India and other countries in the Gulf region have been investing considerably in Oman for their mining and quarrying projects.
"Investment is set to gather momentum particularly in the copper mining sector and the aluminium metals sector. As Oman's government seeks to diversify the economy away from dependence on oil revenue, we expect mining and metals investment opportunities to abound", BMI says in its research report.
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