(Ecofin Agency) - Gabon adopted a new mining code which repeals and replaces, subject to the application texts, the bill of law n5/2000 of 12 October 2000 on the Mining Code in the country as well as all previous contrary provisions.

The new code has 356 articles, against 220 for the previous one, expresses the vision of the head of state who wishes for Gabon to be an emerging country by 2025 and turns out to be “more elaborated and better structured”, commented the Société Equatoriale des Mines (SEM) in a press release of which the Ecofin Agency received copy. Its preparation was made necessary with the concern of increasing the contribution of the mining sector to the national economy, clarified this company which serves as the national operator, stated the communiqué.

The expected contribution will come, in particular, through the speeding up of the research effort, the local processing of a bigger share of the ores and the increase in the local value creation.

The consecration of SEM, as national operator, “strengthens the role of the state as partner on the operational as well as on the financial plan”, explained Fabrice Nze-Bekale, CEO of SEM.

Through SEM, the state shares with the operators the risks linked to the exploratory and operational activities. The new mining law brings an official clarification on the attributes of SEM, he added. According to the press release, this new mining code which considerably relaxes the granting conditions of mining titles, devotes more efforts to the respect of the environment and corporate responsibility of companies.