Egypt poised to become mining investment hub: Badawi

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Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed Egypt’s exceptional potential in the mining sector, positioning it as an attractive investment destination.

This attractiveness stems from its strategic geographical location, advanced infrastructure, and abundant natural resources. Badawy stressed that collaboration and integration are key to unlocking success in the Nubian Shield region.

His remarks came during his participation in a panel discussion at the Egypt Mining Forum on Tuesday.

The panel featured Saleh Al-Kharabsheh, Minister of Energy and Mineral Resources of Jordan; Martin Horgan, CEO of Centamin; Tonno Vahk, CEO of Aton Resources Inc; Mike Silver, Co-founder and director of Lotus Gold Corp.; and Heike Harmgart, Managing Director for Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development (EBRD).

Badawi highlighted the significant role of global mining companies operating in Egypt and their active contributions, particularly in providing advanced technologies, modern techniques, and expertise. He also emphasized the supportive role of financial institutions in securing the necessary funds for investment in this vital sector, ensuring the success of all parties involved.

Al-Kharabsheh affirmed that the Nubian Shield, shared by Egypt, Jordan, and Saudi Arabia, presents exceptional opportunities for cooperation in developing mining resource utilization.

He stated that the successful development and utilization of these resources in Egypt and Saudi Arabia is a success that Jordan can capitalize on and integrate into its mining strategy, especially in light of the growing contribution of mining to development efforts, energy transition support, and industries. Studies indicate a global demand for ten times the current level of mineral consumption.

Harmgart reiterated the EBRD’s support for the Egyptian and Jordanian governments’ efforts and their financing of mining sector development, aligned with their commitment to promoting energy transition, green mining, sustainability, enhancing private sector participation, and transparent disclosure of exploration data.

Horgan emphasized that the Nubian Shield is one of the most important mining regions, with untapped gold reserves and promising prospects.

He commended Egypt’s management of regional and global challenges in its economic reform journey, making it an attractive investment destination due to its numerous advantages that encourage investors to venture into the country and its strategic importance in the region. Horgan confirmed the availability and feasibility of solar energy in Egypt to support mining projects.

Meanwhile, Silver expressed the company’s appreciation for the government’s support in implementing its ambitious investment plans, aiming to achieve success stories in Egypt. The company focuses on achieving a commercial discovery and working on the economic management of projects by improving spending efficiency and reducing costs.

Similarly, Vahk expressed the company’s enthusiasm for growing its business in Egypt. Currently, Aton Resources is working on feasibility studies to establish a gold mine following a commercial discovery. Fack commended the ongoing cooperation with the Ministry and the Mineral Resources Authority, the establishment of a joint venture, and the Egyptian government’s support for investments.

The Egypt Mining Forum, held under the patronage of President Abdel Fattah Al-Sisi, serves as a platform for industry leaders, government officials, and investors to discuss the latest trends, challenges, and opportunities in Egypt’s mining sector. The forum aims to promote Egypt’s potential as a global mining hub and attract investments that contribute to economic growth and sustainable development.