South Africa's largest mining company eyes investing in Egypt

CAIRO - 30 March 2022: Minister of Petroleum and Mineral Resource Tarek el Molla on Tuesday discussed in a meeting with Peter Steenkamp, Chairman of South Africa's largest mining company, Harmony Gold, the investment opportunities available in mining and gold exploration, in light of the company's strong desire to invest in Egypt.

 

Molla said the mining development strategy aims to create added value from Egypt's mineral wealth through making the best use of raw materials in industries with greater economic returns.

 

The petroleum minister reviewed the amendments introduced to the mineral wealth law, which created an attractive investment climate in the field of mining.

 

He also talked about the positive results achieved by the last bid to search for gold and minerals, which succeeded in attracting the attention of major international mining companies.

 

El Molla stated that the last bid that was put forward to search for gold, achieved great success despite the challenges imposed by the coronavirus pandemic.

 

He noted that Egypt enjoys an integrated infrastructure, logistical areas, ports, and airports, which provide an ideal business environment for international mining companies.

 

Harmony Gold Company is seeking to expand its business portfolio outside South Africa and Australia and is willing to invest in gold exploration in Egypt, Steenkamp said.

 

Harmony chairman praised the major transformation in Egypt's mining field, in light of the attractive investment climate provided through the recent amendments to the mineral wealth act.