The Ethiopian House of Peoples' Representatives passed amendments to the Mining Operations Proclamation of 2010 on Tuesday, December 31, 2013, Fortune reported.

The amendment restricts cooperative unions from taking part in artisanal mining and allows micro & small enterprises to take part in artisanal mining. The amendment has also reduced the validity period of artisanal mining licenses to a maximum of two years with no renewals, as opposed to the previous legislation that allowed licenses to be renewed twice for three years at a time.

Royalty payment for the government from the sale of gemstones is also reduced to 7 percent from 8 percent, according to Fortune.

The amendment also obliges companies with mining licenses in Ethiopia to disclose revenues from the sale of minerals.

Source: Fortune