The Algerian party has taken over 51 percent of the shares of the company in charge of the lead and zinc mine project in Oued Amizour, in line with the 51/49% investment rule, said a statement by the Ministry of Energy and Mines on Sunday.
The statement said that “as part of the implementation of the strategy of the public authorities related to the realization of structural projects, especially the project to exploit zinc and lead in Oued Amizour, the shares of the company in charge of the lead and zinc mine project in Oued Amizour were re-allocated according to the rule 51/49.
In this context, 16 percent of the shares of the foreign partner “Terramin” were transferred to the subsidiaries of the Algiers Mines Group: The National Company for Non-ferrous Mining Products and Useful Substances, and the National Office for Geological and Mining Research.
Accordingly, the Algerian party owns 51 percent of the company, compared to 49 percent of the Australian “Terramin” group, according to the same statement.
In its statement, the ministry also announced that the shareholders, through their representatives at the board of directors of the joint venture, decided to “start mining exploitation in accordance with the feasibility study of the project, which was approved in accordance with the rules stipulated in the requirements related to environmental protection.”
This project is considered “structural and strategic” for the country in view of the exploitable mining potential, which is estimated at 34 million tons, with an annual production of 170,000 tons of zinc concentrate, according to the ministry.
These figures confirm the importance of this project, which will reduce the import bill by meeting the needs of the national market and raising foreign currency revenues by exporting surplus production, the same source highlights.
In terms of employment, operating this mine will provide opportunities for university graduates and vocational training centers, by creating nearly 700 direct jobs, not to mention the positive impact on the economic development of the region, the statement adds.
With regard to the environment, the ministry affirmed that “all the necessary studies have been conducted to assess the environmental impact of the exploitation of the mine and the mining method was selected and approved and corresponds to the environmental requirements and the specific nature of the mine.”
entv.dz 28/03/2022
