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Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi discussed Afaq Mining Company's plans to expand its gold exploration activities in Egypt, according to a statement.
The company's representatives showcased progress in its concession area located west of Gabal Elba in the southern Eastern Desert, highlighting outstanding results that underscore the region's mineral potential and reinforce the attractiveness of investment in Egypt's mining sector.
Afaq's leadership welcomed the government’s recent mining reforms, including the restructuring of the Egyptian Mineral Resources Authority (EMRA) into the Mineral Resources and Mining Industries Authority (MRMIA) as an independent economic entity.
They also praised the Cabinet's amendments to the authority's executive regulations, which helped improve the business climate, enhancing the sector's competitiveness, and increasing its attractiveness to investors.
For his part, Badawi affirmed the ministry’s commitment to supporting companies operating in exploration and production through the MRMIA, thereby contributing to accelerating project implementation and maximizing the utilization of mineral resources.
The minister also praised Afaq's cooperation with Shalateen Mineral Resources Company, calling it a successful partnership that helps maximize the value of Egypt's natural resources, particularly gold. This backs the ministry's strategy to expand the mining sector's contribution to gross domestic product (GDP).
It is worth noting that the New Capital will host an exceptional edition of the Egypt Mining Forum on September 28th and 29th, which is expected to attract leading global mining companies and international investors amid ongoing developments in Egypt.
