He met engineer Karim Badawi Minister of Petroleum And Mineral Resources, a number of officials from foreign mining companies, to discuss their desire to pump new investments into Egypt in the field of searching for gold, in light of the legislative and regulatory reforms that the Egyptian mining sector is witnessing, the facilitation of procedures, and the improvement of the investment climate.
The meeting included Eng. Khaled Murtaji, President of the English Capital Limited Company in Egypt, Mr. Tim Strong, CEO of the Australian company Marvel Gold, and Mr. Timothy Livesey, Mining Director of Ritz Mining Company.
Mining sector in Egypt
During the meeting, the Minister of Petroleum confirmed that the sector Mining Egypt is witnessing a new phase through a business system that is more attractive to investment, based on the clarity and stability of legislation, the provision of reliable geological data, the acceleration of procedures, and the provision of appropriate incentives for large and medium-sized emerging companies working in the field of research and exploration.
The minister pointed out that the implemented reforms included developing the role of the Mineral Resources Authority to become an independent economic entity capable of supporting investors with data and technical services, in addition to implementing the new regulatory framework and activating the one-stop-shop mechanism to facilitate dealing with government agencies related to the mining value chain.
He explained that the modern aerial survey project represents an important step to provide more accurate geological data on promising areas, which helps investors make better investment decisions and increases the chances of making new discoveries, especially since Egypt has great mining potential that has not been adequately exploited yet.
For their part, company officials expressed their interest in investing in Egypt during the current stage, stressing that they are monitoring Investment environment for mining in Egypt closely for years, and the timing is now appropriate to forcefully enter the Egyptian mining sector in light of the positive transformations it is witnessing, and the measures that have been taken to modernize investment systems, provide new investment incentives, provide more reliable data to investors, and facilitate procedures for them.
Company officials stressed that combining modern geological data, advanced technology, and pumping new investments can contribute to achieving important results and promising gold discoveries in Egypt, praising Egypt’s rich geological potential and great opportunities in the mining sector.
