Algeria Looks to Open Mining Sector to Foreign Ownership

Algeria’s state-owned mining company Sonarem has announced new parliamentary legislation is set to permit foreign companies to hold up to an 80% stake in mining projects in the country.

The new legislation – set for a vote in parliament on June 16 – would streamline licensing processes and allow for joint exploration and production licenses. The legislation comes as Algeria aims to boost critical mineral development.

“There is a global strategic vision for the country to promote and transform high value-added mining products,” stated Belkacem Soltani, CEO, Sonarem – reported by Bloomberg.

To support economic diversification, Algeria is targeting a number of strategic mining projects, including the $1.5 billion Bled El Habda and Djebal El Onk phosphate project and an iron ore mining development in Gara Djebilet and Mecheri Abdelaziz. Algerian authorities have also launched a tender to mine approximately 58 tons of gold deposits in the Tirek Amesmessa and Zita areas.