Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, has convened a key meeting with local and international mining investors to discuss the country's mining sector's investment opportunities and ongoing reforms designed to foster a more investor-friendly environment. During the meeting, Badawi reiterated the Ministry's commitment to a transformative vision for Egypt's mining industry, aiming to significantly increase its contribution to the nation's GDP from its current 1% to 5-6%. He outlined several measures being implemented in collaboration with Parliament and other government bodies to improve the sector's appeal, including the drafting of a law to rebrand the Mineral Resources Authority as an economic entity. These reforms also involve modernizing gold exploitation practices to meet international mining standards, improving agreements with global industry leaders, resolving bureaucratic challenges with other governmental bodies, and streamlining investment procedures. The Minister highlighted the strides made in reform efforts, noting the transformation of the Mineral Resources Authority and agreements with leading global companies, such as the recent signing of a gold exploitation agreement with Barrick Gold, the world's second-largest gold mining company. He also reported significant interest from international investors during recent meetings in London, further cementing confidence in Egypt's mining potential. In alignment with these reforms, Badawi announced a new series of tenders for investment in various minerals, with an emphasis on maximizing added value by ensuring local industries have access to key raw materials. He underscored that the government's commitment to the sector is also supported by the political leadership and Prime Minister's direct involvement in driving development. Badawi also stressed the importance of modern mining technologies in boosting investment and improving sector productivity. In the coming months, Egypt plans to launch the Egypt Digital Mining Platform, aimed at marketing investment opportunities to global investors. Additionally, he pointed to ongoing efforts to strengthen regional cooperation in mining and share expertise with other countries to unlock further potential. Ahmed Saad El-Din, First Deputy Speaker of the House of Representatives, echoed the Minister's sentiments, advocating for the use of advanced technologies and satellite applications to elevate Egypt's mining capabilities. He also emphasized the significance of the planned transformation of the Mineral Resources Authority into an economic entity to facilitate the integration of modern technological tools. Mohamed El-Sallab, Chairperson of the Parliament's Industry Committee, underscored the need to amend the Mineral Resources Law to better localize mining industries. He criticized the current practice of exporting raw materials like limestone and importing them back as finished products, calling for their use in domestic industries to enhance economic returns. El-Sallab also advocated for creating a comprehensive map of Egypt's mineral resources to aid future development. The Minister actively engaged with investors throughout the meeting, addressing their concerns and challenges while exploring collaborative solutions. The meeting culminated in the announcement of a new global tender by the Egyptian General Authority for Mineral Resources. The tender invites bids for exploration of kaolin sand, glass sand, and associated minerals in multiple areas across Egypt. Interested investors can submit proposals from December 18, 2024, to February 13, 2025, under a framework that includes taxes, royalties, and opportunities for free equity participation.
