The Ministry of Natural Resources is working on a revision of the Mining Act. The new legislation must provide clearer rules for obtaining, managing and terminating mining rights. Environmental protection, local content and the protection of cultural and archaeological heritage will also be included in the new framework.
According to the ministry, the existing mining legislation does not sufficiently correspond to the current situation in the sector. The rules largely date from a period when mining looked different. With the revision, the ministry aims to provide greater clarity to both the government and existing and prospective investors.
An important component is clarifying the procedures for the granting, amendment, extension and termination of mining rights. Work is also under way on a Model Mining Development Agreement. This must set out the principles and conditions for major mining projects.
According to the ministry, various stakeholders have been involved in the preparations. Consultations and validation sessions have been held with, among others, government agencies, companies and civil society organisations.
The process is supported through the World Bank-financed Suriname Competitiveness and Sector Diversification Project (SCSD). According to the ministry, the revision should contribute to a more transparent and predictable legal framework for the mining sector.
The ministry refers to www.scsd.sr for the proposed legislation. The statement does not mention a timeframe for the submission, consideration or entry into force of the new law.
