Egypt to inject more investments in mining sector

ArabFinance: Egypts Ministry of Oil plans to increase minings contribution to gross domestic product (GDP) tenfold by 2026, Oil Minister Tarek El Molla said.

Part of the plan kicks off in March, with Egypt hosting a virtual global mining show bringing together international mining corporations, investors, solution providers and governments, all to help seal long-term strategic partnerships and tap potential opportunities in the sector.

Egypt is home to several mineral resources, including raw materials, metals, precious metals, or nonmetals. The mineral resources are dispersed across the country with the bulk concentrated in the Eastern Desert and the Sinai Peninsula.

With an average of 48 million tons of tantalite, 50 million tons of coal, and 6.7 million ounces of gold, Egypt has the potential to be one of the top mining locations in the world.

The main producers in the country include Egypt Ministry of Petroleum, National Service Projects Organization, Egyptian Mineral Resources Authority (EMRA), Al Wadi Al Gadid for mineral resources & oil shale, Shalateen Mining Company, Hammash Misr for Gold Mines, Phosphate Misr Company, and Egyptian Black Sand company.

In 2020, the government introduced a new regulation shifting the system from production sharing agreements to its rent, royalty and tax systems.

The new system which tackles industry concerns while offering sector and investor-friendly terms and conditions attracted global investors and aided Egypt into becoming a captivating investment spot.