Mining Industry Act.

The purpose of this Act is to prescribe a basic framework for the mining industry to promote the development of national industries through the rational exploitation of mineral resources. In particular, article 4 establishes that no untapped minerals may be extracted without the establishment of extracting rights. The text – consisting of 104 articles – deals, inter alia, with the following aspects: special case for petroleum mining rights, nature of mining rights, capacity of enjoyment of rights for foreigners, term of mining rights, revocation of mining rights, registration of mining rights, reporting, guidance and inspection of extracting, authorization of establishment, Mining Development Plans, charges on import and sale of minerals, supervision, Mining Coordination Committee, penalty provisions.