Egypt aims to become world mining hub – minister

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Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, said on Monday, that Egypt has managed over the past six years to achieve economic stability attributable to the government reform program, stressing that the government’s goal is to turn Egypt into a world mining hub.

Addressing PDAC conference, which was kicked off earlier today virtually, the minister said Egypt has adopted reforms that led to raising the indicators of investment, production competitiveness, and market attractiveness while controlling unemployment inflation, chronic problems in the market, and facilitating the transit of the coronavirus crisis that struck the world, and exhausted all countries for a year.

“In addition to financial indicators monitored by the international institutions, confirming Egypt’s success, such as levels of growth credit rating, and others Egypt’s state of recovery and economic strength, can be perceived by hundreds of major national projects as well as a continuation of the development boom, and the acceleration of production, that the country is witnessing the President and the government’s reform his long term vision embraces the integration, and the development of national production and development phase to allow the completion of a comprehensive program for building organization and launching market, and community stabilities,” the minister said in his speech titled “Steps towards putting Egypt on the global mining map”.

“In this same context, His Excellency President, President el Sisi as urged for upgrading the mining sector to increase its contribution to the national economy and the country’s economic and social development plans. Moreover, the president also directed towards the establishment of an integrated city for the manufacturing and trade of gold in the country, in accordance with the latest technologies in the field.”

“Egypt, as attractive geology, with a wide variety of minerals numerous exploration opportunities, and a large geological potential that is yet underexplored. These opportunities are backed up with many competitive advantages that vary from production factors to access to skilled labor with one of the lowest rates among gold mining countries. In addition to access to transportation infrastructure and to global shipping groups.”

“All these factors have encouraged us through the past couple of years to opt for a fundamental change from within our core practices to become a regional mining hub, through repositioning Egypt, on the wards mining investment back.”

“To keep pace with international practices in the mining industry. We have launched an ambitious modernization program, following an empirical approach. The program has managed to attract the attention of major development institutions, such as the World Bank, and is being executed in conjunction with an international consultancy firm,” El Molla said.

The Egyptian minister underlined also that his government took serious steps in the form of new legislative reforms and new treaties that were solid enough to power through the current pandemic.

“Throughout 2020, the sector retained its bold move. Despite existing challenges,” he said.

“In early 2020, the executive regulations of the mineral resources law were announced, thus increasing foreign investments and exploiting Egypt’s rich mineral wealth. The amendment will revisions provide transparency and flexibility, improved legal rights and include terms and conditions that are sector, and investment-friendly that links several economic and regulatory issues raised previously by investors.”

“Despite the unprecedented circumstances that we all faced in 2020, the number of international companies that are chasing the informational packages, and submitting for bids exceeded any expectations.”

The results were announced last November, where 11 national and international mining companies, won the rights for exploring 82 concession areas for gold in Egypt, on an area of 14,000 kilometer square in the eastern desert with an initial investment of around $60 million minimum.

He said that the aim of the government is to turn Egypt into a world mining hub and to create a win-win investment climate for everyone.

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