Egypt unveils plans for investments in its mining sector

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Oil Minister Tarek El Molla is on the record as saying he wants to increase mining’s contribution to GDP tenfold by 2026, and in order to achieve this the ministry is to aid the sector’s transformation into a lucrative investment spot.

Part of the plan kicks off in March, with Egypt hosting a virtual global mining show bringing together international mining corporations, investors, solution providers and governments — all to help seal long-term strategic partnerships and tap potential opportunities in the sector.

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There is much to develop. Egypt is home to several mineral resources, including raw materials, metals, precious metals, or nonmetals. The mineral resources are dispersed across the country with the bulk concentrated in the Eastern Desert and the Sinai Peninsula.

In 2020, the government intro- duced a new regulation shifting the system from production sharing agreements to its rent, royalty and tax systems.

The new system which tackles industry concerns while offering sector and investor-friendly terms and conditions attracted global investors and aided Egypt into becoming a captivating investment spot.

Source: www.arabnews.com