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Belgrade
22/05/2024
Mining News

Egypt wants 15% of net profits from mining companies

The Egyptian government wants mining companies to pay 15% of net profits in exchange for 30-year exploration licences.

If the proposed mineral exploitation regime comes into effect, mining companies will also pay a 22,5% corporate tax and another 0,5% contribution towards community development.

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The new mining regime will compel mining companies to employ Egyptians and buy from Egyptian companies.

The Egyptian government will also be entitled to a 5% net smelter royalty on revenue.

All mining companies seeking licences in Egypt must sign the model mining exploitation agreement effective later in 2023.

This proposed regime comes about two years after the Egyptian government auctioned exploration concessions in the Eastern Desert to maximise its resources sector.

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