Egypt targets mining sector with new consulting company

Egypt's Ministry of Petroleum has signed a memorandum of understanding with SRK Consulting to set up a consultation and technical services company for the mining industry, Fikri Youssef, undersecretary for mineral resources, told Zawya. "Subsidiaries of the Ministry of Petroleum, such as Enppi and Petrojet, in addition to the Egyptian Mineral Resources General Authority will own a stake in this company of no less than 51% while the remaining share will be held by (SRK)," Youssef said. Another source in the ministry said the paid-up capital of the new company could reach USD 10 million. It would provide consultation services to companies and investors in the mining sector in Egypt and abroad.