Albania's Ministry of Economy, Trade and Energy announced on Thursday a new package of laws that govern mining activity in the Balkan nation.
"The Ministry of Economy, Trade and Energy has finalized the new legal package for the development of mining activity in Albania as part of efforts to reform the mining sector," the ministry said.
A ministry statement added the package consisted of improvements aiming to better administer the country's mining wealth and their rational exploitation in addition to promoting the sector's sustainable development while respecting the environment.
Mining planning, financial guarantees to realize the investments and the rehabilitation of the mining zones, the management of waste and the digitalization of mining data were listed as some of the new features of the mining law.
Some foreign companies have had to wait for the approval of the law to start their business. Economy, Trade and Energy Minister Nasip Naco annulled the mining permits of 43 firms because they had mostly failed to live up to their investment plans.
The Economy, Trade and Energy Ministry also said it will invite bids for the allocation of 151 mining areas and some 20 mining objects and mineral leftovers from the now-defunct state-owned enterprises.
It has already published the data for 36 such zones and plans to stage auctions to allocate 20 permits each week.
Albania is especially rich in chrome but it has also reserves of copper, iron and nickel.