His Excellency, ambassador to Canada Mr. Khalid Bahah visit the PDAC2009

Yemen is undergoing a modernisation of the country’s mining sector. Over the last couple of years, through several IFC/World Bank projects, the mining laws, and other relevant Acts, have been reviewed to make Yemen attractive for the international mining industry. The upgraded mining law is expected to pass through Parliament within a couple of months and the country is preparing in other ways for the future development of the mining sector.

Yemen Geological Survey has improved access to all geological data through the construction of a modern web-based database giving access to all reports, maps, and mineral occurrences in the country, thus at the same time making it much easier for interested companies around the world to get to know the potential of Yemen’s geology.

Dr. Ismail Al-Ganad, Chairman of Yemen Geological Survey is here and will give some details of the promising geology. Yemen’s booth (#1047) at the exhibition will welcome any questions and enquiries. Yemen has an unique geological setting with many promising targets for exploration.

Yemen has in co-operation with the IFC/World Bank carried out several projects in relation to the development of the country’s mining sector, such as a Mining Policy Reform and a Mineral Promotion Programme. The reformed mining law will reflect international best practice approaches that should appeal to both local and foreign investors. Its key objectives are transparency, efficiency, regulatory accountability, and achieving a balanced approach between government oversight and investor prerogative.

This means Yemen has transferred from exploration to mining stage. Sixteen mining companies are active in Yemen already, from e.g. Canada, Belgium, Britain, Australia, Turkey, India and China. The government of Yemen is actively encouraging this development and it was an important turning point when the founding stone for the first modern zinc mine was laid just last month by the Prime Minister. It should also be remembered that Yemen has known mining since antiquity and that a reliable work force is available.

The Ambassador was formerly the Minister of Oil and Minerals in Yemen and has encouraged this development and he will be available at the booth today to answer any questions from potential investors. He is pleased to be visiting the PDAC and hope that the future will bring fruitful cooperation between Canadian companies and his country, thus strengthening the ties to the very successful mining country Canada.

2 March 2009
Geological Survey and Mineral Resources Board
www.ygsmrb.org,ye
ygsrmb@ygsrmb.org.ye