Saturday 21 Dec
Minister of Petroleum and Mineral Resources Engineer Karim Badawy held a meeting with local and international mining investors to review investment opportunities and discuss recent reforms aimed at creating a more attractive investment climate in the mining sector.
Badawy emphasized the ministry's commitment to significantly grow Egypt's mining sector, increasing its contribution to the national economy from the current 1% to 5-6% through attracting substantial investment.
In this regard, he highlighted
efforts to enhance the sector's appeal through integrated work with the
parliament and concerned government ministries. This includes a draft law to
transform the Mineral Resources Authority into an economic authority,
developing investment models in gold exploitation to keep pace with the global
mining industry, developing agreement systems, removing obstacles and overlaps
with other government agencies, and facilitating investment procedures and
services provided to investors.
The Minister highlighted the
substantial progress achieved in implementing new mining procedures, working
closely with the House of Representatives to refine legislation and establish
the Mineral Resources Authority as an independent economic entity. A key
milestone was the development of a new gold exploitation agreement model,
culminating in the signing of initial letters with Barrick Gold Corporation, a
global leader in gold mining.
During his meetings with major
mining companies in London, the Minister observed a strong commitment to
investing in Egypt's mineral sector. To further encourage investment, a series
of auctions for various mineral rights will be launched shortly, leveraging the
streamlined procedures and regulatory enhancements.
The Minister stressed the
government's strong support for the mining sector, emphasizing collaboration
with other sectors to attract investment. Key priorities include adopting
modern technology, launching a "Digital Egypt" platform for mining,
and fostering regional cooperation. The Minister actively engaged with
investors to understand their challenges and find solutions.
The meeting witnessed the announcement of a new global tender by the Egyptian General Authority for Mineral Resources, inviting mining investors to submit offers to work in exploring kaolin and glass sand ores and accompanying minerals in several sectors. This will be conducted under the system of taxes, royalties, and free participation, starting from Thursday, December 19, 2024, until Thursday, February 13, 2025.
