Mining in Libya may eventually become a more significant economic activity than oil production as the country seeks to reduce its economic dependency on oil, Libyan Economy Minister Ali Al-Issawi said Wednesday. “Libya has gold, magnesium and iron ore ……. (mining) could eventually become more important than oil,” Al-Issawi said at an event at the Arab-British Chamber of Commerce in London. “Because of our focus on oil we have lost many other opportunities – we are trying to attract investment to areas other than oil.” Oil in Libya is currently “cheaper than water,” partly because of the country’s subsidies to the oil industry, which are expected to be reviewed in a move to liberalize domestic oil prices and stem “huge” losses made in domestic energy generation, the minister said. Other changes envisaged include plans for […]