Oman is a crucial GCC nation and has grown in wealth and stature in recent decades since it obtained its independence. It has expanded in its popularity as a country of business and also a nation which receives numerous visitors and foreign residents.
The country is one which, much like most of the other nations in the region, discovered oil and made decent gains through this. However, oil is only a temporary resource, finite in nature, and the Middle Eastern countries are aware of this.
Oman has resources beyond just oil though, and in more recent years, their economic options have grown too. In the area of resources, Oman does have minerals and metals to mine and obtain, and in line with this, they have recently introduced new regulations to ensure the industry grows and provides them with further economic variety.
Oman Mining Regulation
The new Law of Mineral Wealth will come into effect shortly, within one month of its publication. Its essential purpose is to strengthen the already existing Public Authority for Mining (PAM) which was established in 2014. However, the totality of the powers provided to the PAM was not set out, and the new law seeks to correct that by providing more significant details.
The purpose of the PAM is to monitor and manage the mining industry in the country, and it achieves this through its rights to issue licenses, conduct analysis of the entities and activities occurring and ensure compliance.
The public interest is the primary concern and the welfare and prosperity of the nation are to dictate their actions and processes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
