Minister of Petroleum and Mineral Resources Karim Badawi said on Thursday that the ministry has completed the modernization of its investment model for gold and mineral exploitation to align with best practices worldwide.
He said this model is a fundamental pillar for attracting both major and emerging mining companies to operate in Egypt.
The minister made the remarks while addressing the second day of the Africa Down Under conference in Perth, Australia, where he outlined Egypt’s efforts to develop its mining sector.
Badawi talked about Egypt’s significant efforts to create an attractive investment environment for mining, stressing that the implementation of legislative reforms and a competitive fiscal system aim to position Egypt as a prime destination for mining investors backed by the country’s vast natural resources and a robust infrastructure, which will help increase the mining sector’s contribution to the GDP to between 5% and 6% within a few years.
He also highlighted the conversion of the Egyptian Mineral Resources Authority into an independent economic entity capable of attracting new investments, saying the new entity aims at streamlining licensing procedures.
The minister said preparations to launch an aerial survey project to map the nation’s mining wealth and provide precise data to investors are ongoing.
He also referred to the upcoming completion of a modern digital platform, similar to the Egypt Upstream Gateway (EUG), to showcase data and promising opportunities in the mining sector.
