Egypt has drawn up plans to attract investment into new mining and renewable energy projects in 2025 within a strategy to tap its mineral wealth and lessen reliance on conventional electricity, the country's Petroleum and Mineral Resources Minister has said.

The most populous Arab nation has just launched a mining portal that includes data and maps for mining investors, Karim Badawi told Egypt’s Senate (upper parliament) during a weekend session.

“We have plans to offer new mining investment opportunities in 2025 within a strategy to exploit our mineral wealth and stimulate the national economy,” Badawi said.

“Egypt is rich in minerals and metals and we have established that there is a proven geological reserve of various ores and minerals, including phosphate, lead, iron, zinc, coal and sulphur.....we also have 8 companies prospecting for gold.”

Badawi did not elaborate on the portal but the Ministry said in a report in late 2024 that the digital platform would provide “geological data and maps of mining areas” for investors in various parts of Egypt.

“This platform is designed facilitate investment opportunities for those interested in setting up minerals project in Egypt…it will also promote the country’s mining sector abroad and provide information on mining project bids…technical evaluation of the new portal has been completed and it will be launched soon,” the report said.

The platform will cover 27 metals, including gold, zinc and iron, the report said, adding that Egypt is rapidly becoming a key metal producer and exporter.

It noted that in 2023, Egypt’s metal production stood at around 13 million tonnes and exports exceeded 2.3 million tonnes.

Badawi said new projects would also be awarded in renewable energy to expand its share in the country’s energy mix from just over 20 percent at the end of 2023 to nearly 42 percent in 2030 and a targeted share of 60 percent in 2040.

“Expanding the use of renewable energy sources will allow us to save the national gas wealth and use it in added value projects….we will also be able to export the surplus.”

In 2024, Egypt endorsed a revised energy strategy which aims to expand the use of renewable energy sources and support plans to slash hydrocarbon consumption.

The Minister said the strategy also calls for lessening reliance on conventional energy and largely reducing domestic fossil fuel consumption.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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