YEMEN MINING INVESTMENT – YEMENI AMBASSADOR ANNOUNCES NEW DEVELOPMENT IN THE MINING SECTOR.
Toronto, Canada (March 9th, 2010)
The Yemeni Ambassador to Canada, HE Khaled Bahah, former Minister of Oil and Minerals, and Dr. Ismail Al Janad, Chairman of the Geological Survey and Mineral Resources Authority, spoke at a news conference during the annual convention of the Prospectors and Developers Association of Canada. This event which is held in Toronto from March 8th –10th, was attended by 23,000 industry representatives from over 120 countries.
Yemen has a new mining law approved by the government and passing through Parliament. The development of the new law has been supported by the World Bank. The new conditions for exploration and production will create an environment attractive to outside investors. A new mining strategy has also been developed with support from the United Nations Economic and Social Commission for Western Asia. Future World Bank support will focus on support to the mining industry.
The geology and mineral potential of Yemen might not be broadly known among the mining industry. Geological maps, geophysical maps, mineral occurrences and other data of relevance are contained in a database, which is accessible through the website of the Geological Survey and Mineral Resource Board at www.ygsmrb.org.ye
Since the presentation of Yemen at PDAC 2009, a number of mining companies have received exploration licenses. The Brazilian company, Vale Inco, is joint venturing with Canadian exploration company Cantex in Yemen.