Minister of Petroleum and Mineral Resources Karim Badawi said Egypt’s mining sector is entering a new phase aimed at creating a more attractive investment environment, increasing private-sector participation and attracting greater foreign investment.
The minister made the remarks during a meeting on Wednesday with Nicole Morcombe, CEO of Australian company Velox Energy Materials, and Vincent Algar, a member of Velox’s Board of Directors, to discuss the company’s potential entry into the Egyptian market and opportunities to inject new investments into the mining sector.
Badawi stressed the importance of attracting global companies with strong technical expertise and investment capabilities as a key pillar of efforts to develop Egypt’s mining sector. Such partnerships can help leverage advanced technologies and international expertise in mineral exploration, prospecting and resource development, supporting the ministry’s strategy to boost investment and production and maximise value-added activities.
He noted that the ministry is continuously working to develop mechanisms for offering mining areas and creating new investment opportunities for serious investors, with the aim of attracting additional capital and maximising the value of Egypt’s mineral resources.
The minister explained that available mining areas undergo assessment and evaluation in accordance with clear and transparent procedures to ensure the optimal utilisation of the country’s mineral wealth. He stressed the importance of providing investors with the necessary information and clearly outlining the procedures and regulatory requirements governing mining activities.
Badawi added that the ministry is coordinating with all relevant authorities to establish a stable and attractive investment environment and address challenges facing serious investors.
For her part, Morcombe outlined Velox Energy Materials’ expertise and its network of investors and entrepreneurs in the mining sector, particularly in Australia and Canada. She expressed the company’s strong interest in Egypt’s promising mining investment opportunities and its intention to apply for exploration areas, particularly those available within the Arabian-Nubian Shield.
The Velox CEO said the company is highly enthusiastic about Egypt’s promising mining potential and is looking forward to commencing operations in the Egyptian market as soon as possible. She noted that Velox’s geological team sees significant opportunities in the available areas, encouraging the company to take practical steps towards entering Egypt’s mining sector.
