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.
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).