Algeria to open up mines to foreign investors
Algeria intends to copy Saudi Arabia in enforcing a new law that will open up its mining sector to foreign investors within reforms intended to ease reliance on volatile oil sales.
Parliament in the North African OPEC oil and gas producer is expected to approve the new law in June after debating it during several sessions over the past weeks.
Algerian Energy, Mines and Renewable Energy Minister Mohammed Arkab presented the final draft mining law to Parliament on Saturday, the official news agency reported.
'Arkab said during the session that the new law includes a set of procedures and incentives enforced in several countries with the aim of attracting foreign investment to the mining sector in Algeria," the agency said on Sunday.
It said parliament would hold another session on June 16 to vote for the new law, which is part of a drive to lure foreign capital into the mining and hydrocarbon industry.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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