Modern and Robust Mining Law, Excellent Infrastructure
Cyprus has a modern and robust mining law that provides security of tenure and right of access to private land for exploration purposes. There is a strong tradition and culture of mining in Cyprus, and mining has been an important contributor to national wealth.
Cyprus is a country where:
Tenure is secure
Mineral exploration is encouraged
A discovery can be permitted and become an operating mine
A Long History of Mining
Cyprus, together with Spain, were the main sources of copper for the Roman Empire. Evidence for ancient copper smelting can be found throughout the Troodos Mountains where more than 140 ancient slag piles have been documented.
Modern mining started in Cyprus in the 1920’s with more than 74 million tonnes of massive sulphide ore extracted from about 30 deposits in the following 50 years. The largest of these deposits was Mavrovouni with 16 million tonnes at 4.5% copper. Mavrovouni and the Cypriot mining industry were severely impacted by the partition of the island in the mid 1970’s.
The Skouriotissa Mine is currently the only operating copper mine in Cyprus. Skouriotissa has been worked since the Bronze Age and is the world's oldest producing copper mine.
Excellent Infrastructure & Accessibility
Cyprus has a well-developed infrastructure to support exploration and mining operations. Access to field areas is assisted by a well-developed road system and sparse vegetation cover. Outcrop is therefore very good and ground surveys may be conducted efficiently and effectively.
With an area of approximately 9,250 sq km, Cyprus is the third largest island in the Mediterranean after Sicily and Sardinia. Its strategic location in the eastern Mediterranean, at the crossroads of Europe, Asia and Africa, has contributed to the country’s culture and its development into a financial and trade centre.
The island’s terrain comprises a central plain flanked by mountainous regions to both the north and south. The island has a typical Mediterranean climate with hot, dry summers and cool winters.
Low Risk Jurisdiction
Cyprus gained independence from the United Kingdom in 1960 but remains a member of the British Commonwealth. The country’s culture is founded on its Greek history and its legal system and business life in general have developed along the British model. Cyprus offers a very favourable taxation environment and an extensive network of double-taxation treaties.
Cyprus is a member of the European Union and Euro Zone and is considered to have low sovereign risk.
The Cypriot per-capita income is one of the highest in Southern Europe with the services sector becoming an increasingly important part of the economy.