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Jordan News
4 days ago
- Business
- Jordan News
Jordan Signs First Executive Agreement for Copper Ore Mining - Jordan News
In a landmark move for Jordan's mining sector, Minister of Energy and Mineral Resources Dr. Saleh Al-Kharabsheh and Hani Ma'touq Al-Asmar, Director General and Board Member of Wadi Araba Minerals Company, signed Jordan's first executive agreement for the exploitation of copper ore on Sunday. اضافة اعلان The agreement grants the company rights to mine 48 square kilometers in the Abu Khushaibeh area of Wadi Araba, south of the Dead Sea, for a 30-year period. Key Highlights of the Agreement: Strategic Significance: Dr. Al-Kharabsheh emphasized that the project aligns with Jordan's Royal Vision and the Economic Modernization Vision, aiming to boost the mining sector, enhance economic growth, and create jobs. Estimated Copper Reserves: Preliminary feasibility studies show an estimated 20–30 million tons of copper ore in the region, with economically viable concentration levels. The ministry plans to continue studying reserves in igneous rock formations in the area. Local Processing Requirement: The agreement prohibits the export or sale of raw copper ore, requiring the company to process extracted materials locally to a specified purity level before any sale or distribution—maximizing local economic benefit. Revenue Sharing & Royalties: A minimum royalty of 3% on gross revenue is set, increasing with global copper prices. Jordan will also collect 31% in taxes from net profits, in accordance with national regulations. Public Offering Requirement: The company must offer at least 49% of its shares for public subscription while retaining up to 51%. It must also comply with environmental and legal standards for public shareholding companies in Jordan. Implementation Commitments: Wadi Araba Minerals has pledged to begin work promptly, including constructing a specialized copper product manufacturing facility. The company must also submit a performance bond and proceed with legislative procedures for the required mining concession law. Broader Mining Sector Developments: Dr. Hisham Al-Zayoud, Director of Geology and Mining at the Ministry, stated that the ministry is also finalizing: Executive agreements for gold mining in Abu Khushaibeh and rare earth elements with New Environmental Company. Copper mining in Dana with Integrated Company. Two agreements for phosphate mining in Risha with Arab Mining Company and Tasnīm Company of Oman. The Council of Ministers had approved the copper mining agreement in its session last Wednesday, recognizing copper as a strategic mineral under special mining concession legislation. The signing ceremony was attended by Secretary General Eng. Amani Al-Azzam, ministry technical committee members, and the technical team from Wadi Araba Minerals Company.
Zawya
29-05-2025
- Business
- Zawya
Jordan approves 30-year copper mining concession: Report
Jordan has approved a 30-year agreement with Wadi Araba Minerals Company for copper mining in southern Jordan. The deal grants mining rights over a 25-sq-km area, with the extracted raw materials to be processed locally to maximise national economic returns, the Jordan Times reported, citing an official statement. The move aims to halt the export of unprocessed copper. Plans entail setting up a public shareholding company, with a portion to be floated on the local stock exchange, the report said, without providing further details. The government revenues from the project will be linked to international copper prices, the newspaper said. In March, Jordan offered several mining sites to investors in its Southern Aqaba areas. The country has set an ambitious target to expand the mining sector's contribution to GDP to nearly JOD 2.1 billion ($2.9 billion) in 2033 from around JOD 700 million ($980 million) in 2024, according to a report by the Energy and Mineral Resources Ministry. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
29-05-2025
- Business
- Zawya
Jordan: Cabinet approves copper mining agreement, expands customs fine exemptions
AMMAN — The Cabinet on Wednesday approved a number economic and regulatory decisions during its session on Sunday, including an executive agreement for copper mining, new customs fine exemptions, and progress on green hydrogen development. During a session chaired by Prime Minister JafarHassan, the Cabinet approved a 30-year executive agreement with Wadi Araba Minerals Company for copper mining in southern Jordan. Under the deal, the company will be registered as a public shareholding entity, with a portion of its shares to be offered for public subscription. The agreement, which covers 25 square kilometers, prohibits the export of raw materials, mandating local processing to maximize national economic benefit. Government revenues will be tied to global copper prices. Copper is classified as a strategic resource in Jordan, requiring a special concession law for its exploitation. The Cabinet also expanded customs fine exemptions to include cases discovered or documented before January 1, 2025. Fines may now be waived by up to 90 per cent, up from the previous cut-off of 2022. The decision aims to support investors, traders, and citizens by closing pending customs cases and accelerating revenue collection, aligning with Jordan's broader economic modernization goals. The Cabinet granted a five-year grace period to quarry operators in the alternative Samad area (zones 1, 2, and 3) to cease operations. No new licenses will be issued in the area, and existing operators must commit to site rehabilitation. The Energy and Minerals Regulatory Commission was tasked with studying incentive options for operators who exit the area ahead of schedule. Green hydrogen The Cabinet also approved a land-use agreement with Indian company Ocior Energy to conduct feasibility studies for a green hydrogen production project. The initiative is part of Jordan's ambition to become a regional hub for green hydrogen and ammonia, with several memorandums of understanding already signed. The initiative aligns with the Economic Modernisation Vision's 2020–2030 roadmapunder the sustainable resources pillar. The Cabinet also approved recommendations to resolve 419 outstanding tax cases between taxpayers and the Income and Sales Tax Department. The move is part of efforts to ease regulatory pressure on businesses and promote sustainable growth by enabling tax settlements and reducing obstacles to expansion. The Cabinet agreed to amend financing agreements under the results-based programmefor education sector reform and approved an increase of approximately JD7 million to the Ministry of Education's 2026 budget allocation. The programme aims to improve the learning environment, boost kindergarten enrolment, modernise assessments and exams, enhance the General Secondary Education Certificate Examination (Tawjihi), expand student registration support, and establish a National Centre for Innovation in Educational Technology and Artificial Intelligence. The Cabinet approved recommendations from the Settlement and Reconciliation Committee to resolve 419 pending tax cases involving companies and individuals, under the Income and Sales Tax Laws. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
