Egypt to launch online platform to boost mining industry
Minister Badawi made his statements during the Egypt Mining Forum's (EMF) third round, which kicked off in Egypt on Tuesday and continues for two days.
The Jordanian Minister of Energy and Mineral Resources Saleh Ali Al-Kharabsheh and the Emirati Ambassador to Egypt Mariam AL-Kaabi will be present.
Badawi said the ministry is also collaborating with other ministries and authorities to create an attractive environment for investors in the mining sector
He added that among the mining sector’s challenges in attracting new investors is the need to transform the Egyptian Mineral Resources Authority into an economic entity.
In addition, he noted that Egypt is rich in mineral resources, as it possesses a wide variety of mineral resources like gold, silver, zinc, and platinum.
According to the minister, Egypt’s gold reserves are approximately 7.3 million ounces, with 2023's production amounting to 560,000 ounces of gold and 17.5 million tons of other metals.
He clarified that these numbers are expected to reach 800,000 ounces of gold and 30 million tons of other metals by 2030.
Moreover, the ministry plans to increase the mining sector's contribution to the gross domestic product (GDP) to five percent instead of the current less-than-one percent, he revealed.
Egypt is competing with many countries over attracting mining investments, given its political stability and security, said Martin Hogan, the CEO of Centamin Corporation which is currently operating the Sukari Gold Mine.
“It is expected to excavate five million ounces of gold in the next year, with the Sukari mine being one of the best examples in the world having enormous gold reserves,” he added.
Hogan said the company has launched three initiatives to develop Egypt’s mining sector, and they are currently taking steps to establish a mining school.
Additionally, he revealed that the Arabian-Nubian Shield (the basement rocks beneath northeastern Africa and Arabia) is one of the important places for excavation for having a large amount of unused gold.
Al-Kharabsheh also stated that the Arabian-Nubian Shield that expands as a common factor among Egypt, Jordan, and Saudi Arabia creates collaboration opportunities in developing mineral resources usage.