By: Zawya

Algeria has approved a new law to open up its mining sector to foreign investors as part of a drive to tap its mineral wealth and diversify sources of income.

Algerian president Abdelmadjid Tebboune has signed the new law which was published in the official gazette last week, two months after it was passed by parliament.

The law comprises bolder measures to advance the sector, including the introduction of an electronic portal to inform investors of available mining sites.

“The new law also includes easier and quicker procedures for investors and a set of facilities to encourage investors and build confidence among them,” the Arabic language daily Elkhabar said.

“Through this law, Algeria seeks to rebuild confidence among both local and foreign investors by simplifying administrative procedures, protecting investor rights, and relying on a long-term strategic vision that makes the mining sector a lever for sustainable economic development amidst growing global demand for strategic minerals,” it added.

Algeria’s energy and mining ministry said this year the new law aims to “improve the mining investment climate by simplifying access procedures to exploration and exploitation activities, making procedures more transparent and providing more encouraging conditions for both national and foreign investors.”