The Ministry of Finance issues decisive directives to regulate the performance of mining companies

Dr. Gibril Ibrahim, Minister of Finance and Economic Planning, directed decisive action to implement the laws governing the relationship between the government and companies operating in the mining sector, including concession companies and companies operating in mining waste, and to activate the mechanism for collecting arrears of the government’s share of fees imposed on them before the end of this year. He stated—during his meeting with the Minister of Minerals, the Undersecretary of the Ministry of Finance, its legal advisor, and the Directors General of the Ministry of Minerals at the Ministries Complex today—that the payment of financing installments to companies will be subject to the approval of the Ministry of Finance. He emphasized the government’s interest in regulating the performance of the mining sector and reviewing the laws and legislation regulating its work.

Professor Nour El-Daim Mohamed Ahmed Taha, Minister of Minerals, emphasized the need for close coordination with the Ministry of Finance at all levels with the aim of developing a unified vision to develop the performance of the mining sector and achieve the public interest. A comprehensive report was reviewed on the sector’s performance, the challenges it faces, and ways to address them.

Professor Abdullah Ibrahim, Undersecretary of the Ministry of Finance, emphasized the need to review government debts owed to companies by the Auditor General, along with reviewing concession agreements, labor contracts, and exemptions granted to companies, and reviewing their performance. He emphasized the need to activate financial and accounting performance controls for each company, from the exploration phase to production.

The formation of a joint committee between the two ministries was emphasized to monitor performance at all stages.