Egypt’s Minister of Petroleum and Mineral Resources Engineer Karim Badawi said on Wednesday that transforming the Mineral Resources and Mining Industries Authority into an economic authority represents a pivotal step for Egypt’s mining sector, creating a more flexible system to streamline procedures, support investors, reduce risks, attract investment and establish industries based on mineral resources.
Badawi made the remarks as he, alongside New Valley Governor Hanan Magdy, laid the foundation stone for the first phosphoric acid industrial complex at Abu Tartour, with investments of $658 million.
The project will convert Egyptian phosphate ore into higher-value products, supporting exports and foreign-currency generation.The complex will produce 250,000 tonnes of high-concentration phosphoric acid annually in its first phase and create more than 3,000 direct and indirect jobs.
Implemented by Chinese companies CSCEC and ECEC using advanced technologies, it is scheduled for completion within 30 months, with output exported through Safaga Port.
He added that mining is central to New Valley’s development, with the Ministry and governorate preparing a five-year vision for the sector and related industries.
For her part, Magdy described the complex as a qualitative leap for mining and industrial development, strengthening Abu Tartour as a base for mineral industries, and affirmed the governorate’s support for investment projects.
The minister also reviewed private-sector plans by Moving Vert and Genesus Mining for integrated complexes combining phosphate extraction, beneficiation, fertiliser and phosphoric acid production, rare-earth exploitation and other high-value products.
Company Chairman Nasser Shaheen said the company produces 7 million tonnes of phosphate annually from Abu Tartour, El-Sebaiya and Red Sea sites.
It contributes 25% to the Abu Tartour complex and is developing, with Indorama, a 600,000-tonne phosphate fertiliser complex in Ain Sokhna.
