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Legal Backgrounds

1-  Article31   of the "Mines act" dated13/6/1998

 "In order to achieve sustainable development in the mining sector, the Government is obliged to establish a fund to insure mining investment activities to cover all or some parts of the possible damages caused by failure in ore discovery or the investment. This fund will operate under the supervision of "Ministry of mines and metals" and according to the articles of association that will be passed by the Board of Ministers. The government has to allocate necessary budget based on policies in the yearly budget plan.

2- The articles of association passed by the Council of Ministers dated 2001/6/6 and further amendments by general assembly.

3- Article 20  of the law amending the Mines Acts passed on 2011 authorizing the government to allocate up to 5% of the total government revenue from mining royalties to  fund  MICO activities.

4- Council of Ministers resolution which considers MICO as a developmental entity and exempts it from government privatization scheme (remains fully state owned company).