Yemen encourages mining for minerals [Archives:2005/903/Business & Economy]
The Yemeni Minister of Oil and Minerals Dr. Rashid Barabaa has affirmed that Yemen has recently signed an agreement with the British company ZincOx to mine for zinc, silver and lead in Yemen, considering the agreement to be a good and promising beginning for investment. The minister has confirmed that the sector of mining is receiving increasing attention and foreign investments including latest agreement with ZincOx. Dr. Barabaa has also welcomed all investments in the sector of mining and indicated that his ministry will ensure full cooperation with all investors.
Dr. Barabaa has announced the agreement during a recent workshop on the reform of mining policies aiming at the encouragement of dialogue with interested parties and around assisting the government in formulating mining policy. The workshop was organized by the World Bank and the IFC in collaboration with the Ministry's Authority of Geological and Mineral Wealth Survey. Dr. Barabaa has also pointed out that holding such activities would save time and efforts for the prospect of creating a significant improvement in investments in the Yemeni mineral wealth. He confirmed that by cooperation with the IFC, the ministry is working on the establishment of a clear agenda for attracting local and foreign investors into the mining sector, considering mineral mining to be one of the important and promising sectors and has been enlisted in the national development plan.
On the other hand, an oil source has affirmed that the Yemeni Oil and Gas enterprise had raised the official selling price of Maseelah crude oil by 40 cents to reach Brent – $1.95 per barrel. The source said that the Yemeni Oil and Gas enterprise kept the price of Mareb light crude in January as it is at Brent level minus $1.20 per barrel. Yemen's oil production at present is around 450 thousand barrels per day.
Yemen is distinguished by big diversity of mineral wealth such as gas, industrial and construction crude that can greatly contribute to the process of economic and social development and development of the national economy that consequently would [hopefully] lead to the creation of job opportunities.
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