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Arab Finance: The Mineral Resources and Mining Industries Authority, Misr Phosphate, and Wadico signed a joint agreement with Xingfa Group to boost investments in the Egyptian mining sector, according to a statement.
The four sides will study and evaluate phosphate, quartz, and silica sand to establish an industrial project designed to maximize the added value of these minerals in the Golden Triangle.
On his part, Minister of Petroleum and Mineral Resources Karim Badawi noted that the partnership marks a new success story for the Egyptian mining sector.
This step follows up on discussions held last week, reflecting the group’s interest in investing in the Egyptian mining sector and transforming the state into its largest industrial hub outside China.
Badawi added that it is transitioning from the stage of promises to ground-level implementation, guided by specific timelines and a clear roadmap.
Lu Ming Qing, Vice President of Xingfa, pointed out that the signing proves confidence in Egypt's investment climate and the incentives provided by the ministry. He lauded the government’s support and directives to facilitate the commencement of operations.
