Ministry of Energy and Mineral Resources completed the mining sector initiatives and projects included in the Economic Modernization Vision (EMV) during the year 2023, and approved its priorities in the EMV’s executive program.

According to the ministry, 11 memorandums of understanding (MoU) were signed within the initiative to optimally benefit from investment opportunities in extractive industries.

Additionally, 3 cooperation memos were inked with several companies; the first was with Harmony Investment Company to own and establish commercial projects, aimed to prepare a mineral map, while the second MoU was signed with CAPITAL Company to explore rare earth elements associated with phosphate ore in the Risha area, and the third with MBK to conduct studies related to mineral resources in the Kingdom's southern areas.

In statements to "Petra," the ministry said it will complete work on the initiatives during 2024 and move to the stage of mining value-added mineral ores in extractive industries.

Through these memos, the ministry noted it seeks to place Jordan on the regional and even global mining map, based on importance of the Kingdom's mining sector in providing the national economy with added value and expanding job opportunities to achieve sustainable development.

Based on the EMV, the ministry affirmed that it is working through memos to double the sector’s contribution to the gross domestic product, based on the hoped-for outcomes that have been achieved so far to restore the sector's investment momentum.

//Petra// AG More...