Law on Subsoil needs changes

IBC Mineral Resources Committee members met with representatives of the State Committee for Industry, Energy and Subsoil Use (SCIESU) and the secretariat of the Parliament Committee on Fuel and Energy Complex and Subsoil Use. The meeting participants considered the possibility of amending the Law on Subsoil, part 4. Article 21 of the law: “Licenses for the right to use subsoil resources for the purpose of development shall be renewed at the request of the licensee, subject to: b) mining at least half of the mineral reserves accepted for mining upon receipt of a license”. Fulfilling the requirements of the law in accordance with this wording, many companies cannot extend the license to develop fields. The participants of the meeting decided that the business community, together with the SCIESU, would work out a compromise version of the wording of this part of the law article for amending the law later.