Amman, April 15 (Petra) – The Lower House of Parliament on Wednesday deliberated a draft law ratifying the executive agreement for the evaluation, development, and exploitation of copper and associated minerals in the Abu Khashiba area south of the Kingdom, before adjourning its session until further notice to allow lawmakers to further review and discuss the proposed legislation.

The session, attended by government officials and partly chaired by Second Deputy Speaker Ibrahim Sarayrah, saw extensive debate over the terms of the agreement, which was referred to the Parliamentary Committee on Energy and Mineral Resources on November 24, 2025, and subsequently approved by the committee on April 13, 2026.

Speaker Mazen Qadi announced the adjournment, stressing the importance of providing sufficient time for members of the House to present their observations and recommendations on the draft law.

Minister of Energy and Mineral Resources Saleh Kharabsheh said the mining agreement was concluded in accordance with applicable legislation and through transparent and comprehensive procedures, stressing that all relevant documents, including official records, had been submitted to the parliamentary committee.

He rejected claims regarding the agreement’s content, saying the figures circulated were inaccurate, and noted that the committee had been provided with all documentation from the initial memorandum of understanding through to the executive agreement.

Kharabsheh explained that mining concessions can only be granted to locally registered companies, adding that foreign firms may only operate through entities established under Jordanian law.

He said the agreement imposes clear obligations on the operating company, noting that any breach would result in the revocation of the license. He also dismissed concerns over long-term land allocation, stressing that mining projects are subject to continuous monitoring and regulatory oversight.

The minister underlined that mining investments are inherently long-term in nature, citing international experience where operations often extend for decades.

He further said the agreement is fully governed by Jordanian law in interpretation, implementation, and arbitration, ensuring that national sovereignty is preserved in all legal proceedings.

On financial returns, Kharabsheh said the agreement adopts a progressive revenue-sharing model that increases alongside profitability, in addition to applicable taxes, mining fees, and community contributions, under the framework of the Investment Environment Law.

Minister of State for Legal Affairs Fayyad Qudah said the agreement includes binding provisions requiring the concession holder to transform into a public shareholding company.

He added that the company will be required to offer 49 per cent of its shares for public subscription through the Securities Commission, enabling Jordanian citizens and legal entities to participate in ownership without restrictions on the number of subscribers.

Qudah said the structure is designed to broaden public participation in the project and prevent exclusivity, noting that allocation would follow established procedures in cases of oversubscription, while founding shares would be subject to a two-year lock-up period.

He added that shares will be offered at nominal value, with any premium determined by the Securities Commission based on the company’s valuation, assets, and growth prospects.

He also clarified that Jordanian law remains the governing legal framework, while dispute resolution mechanisms are limited to procedures under the International Chamber of Commerce.

Members of Parliament, meanwhile, stressed the need to safeguard the state’s authority over sovereign resources, saying the agreement concerns a national asset that requires careful legislative scrutiny.

They said the state must retain its right to legislate, supervise, and hold parties accountable, adding that investment should not grant immunity outside the scope of the law.

Lawmakers also raised concerns over the duration of the license and termination clauses, arguing that some provisions appeared to favor the company over the state.

The Cabinet had approved the draft law on November 16, 2025, in line with Article 117 of the Jordanian Constitution, which requires parliamentary ratification of concessions related to mines, minerals, and public utilities, as well as Article 9 of the Natural Resources Law No. 19 of 2018.

The agreement forms part of broader government efforts to attract investment into the mining and natural resources sector, enhance its contribution to the national economy, support local development, create job opportunities, and strengthen the competitiveness of domestic industries while reducing reliance on traditional economic drivers.

//Petra// AJ

15/04/2026 16:36:52