Mineral resources authority posts LE 1.4B in revenues

CAIRO – 7 November 2017: The Egyptian Mineral Resources General Authority (EMRA) achieved LE 1.4 billion ($79.3 million) in revenues in fiscal year (FY) 2016/17, a source in the authority said Tuesday.

Speaking to Egypt Today, the source said that the revenues were sent to the Ministry of Finance. The value is significantly higher than that of the LE 400 million marked in FY 2015/16, which was the first year of applying the New Mineral Resources Law.

"Before the law's implementation, revenues of the authority were LE 486,000 in FY 2014/15... so the law helped in increasing the cash inflows," the source said.

In 2014, the New Mineral Resources Law was approved by the parliament, then issued by the government in mid-2015.

Under the new law, the government expects LE 4 billion of annual revenues, up from LE 10 million under the old system.

Mineral resources' investors are required to pay for the government in advance and will not be allowed to take out profits until the phase has finished.