Egypt eyes mining investment in new strategy

Egypt has devised a new strategy designed to attract foreign capital into its mining sector to increase its non-oil revenues as part of overall economic reforms.

The Arabic language daily Addustour on Tuesday published what it said are details of a new minerals strategy that also targets an increase in the country’s metal exports.

According to the report, the strategy that was chalked out by the Petroleum and Mineral Resources Ministry will focus on maximising Egypt’s mineral wealth, increase exports of minerals to boost non-oil revenues, and the charting of a national plan to attract foreign capital into this sector.

“It also includes expanding investment promotion campaigns abroad, preparation of maps of mineral-rich sites in the country and feasibility studies for relevant projects, facilitating issuance of mining permits, and creating a single authority to deal with investors in the minerals sector,” the report said.