During the meeting, the Minister detailed the Ministry's key initiatives to enhance investment in Egypt's mining sector. These initiatives, part of a broader government strategy, focus on establishing an attractive investment climate by simplifying procedures, expediting licensing, and creating a competitive regulatory framework that maximizes value and returns for all stakeholders.
According to Badawy, a recently initialed agreement with AngloGold
and Barrick Gold for the exploitation of gold and associated minerals is
undergoing final legislative review. Upon completion, this agreement will
facilitate increased investment and encourage international firms to maximize
their technological and operational resources in gold exploration and
development.
He explained that the Ministry is developing a plan to
actively promote mining sector investment. This includes the launch of a
digital platform at the upcoming Egyptian Mining Forum in July, designed to
showcase available investment prospects. He further emphasized the Ministry's
collaborative efforts with other government bodies, notably the project to
convert the Mineral Resources Authority into an economic authority, to
streamline investment processes and elevate the sector's GDP contribution to
5-6%.
He highlighted collaboration with the Ministries of
Electricity and Energy to optimize the energy mix, incorporating renewable
sources to support economic growth, particularly in energy-intensive mining. He
also noted efforts to leverage Egypt's infrastructure for added value and
investment, and cooperation with the Ministry of Environment for sustainable
mining activities.
Stuart Bailey, Head of Sustainability and Corporate Affairs
at AngloGold Ashanti, conveyed the company's enthusiasm for its work in Egypt,
emphasizing that the recent Sukari mine investment represents a pivotal
milestone in the company's recent history.
He stated that the Sukari mine is a foundation for future discoveries within their Egyptian concession areas, with current investments totaling $150 million. Bailey praised the streamlined regulatory processes, the productive collaboration with the Mineral Resources Authority, and the robust infrastructure development, citing the New Administrative Capital as a prime example, all of which contribute to the company's desire for further agreements and investments in Egypt.