The Saudi Minister of Petroleum and Mineral Resources, Eng. Ali Bin Ibrahim Al Naimi revealed that the new Mineral Investment Code, issued as per Royal Decree No. M/47 dated October 5, 2004, and published in the Official Gazette on October 22, 2004, entered into force on January 18, 2005, Al-Riyadh Newspaper reported.
The new investment code simplifies and streamlines the procedures for obtaining exploration and mining licenses, and makes them more transparent.
The implementing regulations of the mining code have recently been issued, and will be published in the Official Gazette soon.
For more information, please visit: www.dmmr.gov.sa