7 Facts about Egypt's new mining portal

Egypt is set to revolutionize its mining industry with the launch of a new digital platform, "Egypt’s Mining Portal," by the end of 2024. This initiative promises to streamline processes, attract investors, and boost the sector's contribution to the national economy. Here are seven key things you need to know about this upcoming platform and the broader developments in Egypt’s mining sector.

The Egypt’s Mining Portal is scheduled for a full launch by the end of 2024. Announced by Minister of Petroleum and Mineral Resources Karim Badawi during the Egypt Mining Forum, the platform aims to serve as a primary catalyst for mining investment by offering easy access to essential data and facilitating investment processes. This digital transformation is expected to significantly boost investor confidence and interest in Egypt's mining sector.

Egypt aims to increase the mining sector's contribution to its gross domestic product (GDP) to 5% by 2030, a significant jump from the current less-than-1%. This ambitious target is part of a broader strategy to enhance the economic returns from the mining sector, which includes uncovering the full potential of Egypt's rich mineral resources and creating an attractive environment for investors.

Egypt is endowed with a variety of mineral resources, including gold, silver, zinc, platinum, and more. The country’s gold reserves are particularly notable, with approximately 7.3 million ounces confirmed. In 2023 alone, Egypt produced 560,000 ounces of gold and 17.5 million tons of other minerals. By 2030, these numbers are expected to rise to 800,000 ounces of gold and 30 million tons of other minerals, showcasing the vast potential of the mining sector.

The portal will play a crucial role in enhancing Egypt's attractiveness as an investment destination. It will offer a streamlined, digital approach to investment processes, making it easier for investors to access data and make informed decisions. Additionally, Egypt’s developed infrastructure, including new road networks, supports the efficient transportation and logistics needed for mining operations.

A significant aspect of this initiative is the transformation of the Egyptian Mineral Resources Authority into an economic entity. This change aims to improve efficiency and support better decision-making, crucial for fostering a more conducive environment for mining investments. Regular investment auctions for the exploration and extraction of minerals will be held, further boosting the sector's activity.

The Ministry of Petroleum and Mineral Resources is working closely with the Ministry of Environment to ensure that the mining sector evolves into a green, environmentally friendly industry. This includes developing labs for sample inspection to save time and money, and studying the establishment of a gold refinery and a logistics services center in the eastern desert. These steps are aimed at minimizing the environmental impact while maximizing economic benefits.

Egypt is actively seeking collaborations to enhance its mining sector. The Arabian-Nubian Shield, a geological formation rich in minerals, offers significant excavation opportunities. Cooperation with countries like Jordan and Saudi Arabia is expected to open up new avenues for developing mineral resources. The establishment of a state-of-the-art mining and drilling tools plant in Safaga, announced by the Golden Triangle Economic Authority, exemplifies Egypt’s commitment to strengthening its industrial base and addressing local market needs.

The launch of Egypt’s Mining Portal marks a pivotal step in the country’s efforts to modernize and expand its mining industry. By providing easy access to critical data and facilitating investment processes, the portal is poised to attract substantial foreign and domestic investments. Coupled with strategic reforms and collaborations, these efforts will unlock the full potential of Egypt’s rich mineral resources, drive economic growth, and establish Egypt as a leading player in the global mining sector.