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Saudi Arabia has enacted tough laws against offenders of the new mining law involving imprisonment of up to two years, a newspaper reported on Monday.
The punishment is designed to protect the Kingdom’s mineral wealth and ensure compliance with the mining law that was enforced two years ago with the aim of attracting domestic and foreign capital to the lucrative sector.
The Industry and Mineral Resources Ministry will send teams regularly to mine sites to ensure compliance and prevent fraud operations, the Arabic language daily Aleqtisadia said, citing a Ministry statement.
“Those who are found to be abusing the mine investment law by exploiting mine sites and selling products illegally will be jailed for up to two years or fined one million Saudi riyals ($266,000),” the statement said, adding that penalties could be increased if the offence is repeated by the same person.
Saudi Arabia has granted hundreds of permits for mining activities in line with the new law, which is intended to end anarchy in the sector and lure investors into the minerals industry, estimated at five trillion riyals ($266 billion).
(Writing by Nadim Kawach; Editing by Anoop Menon)
