Cairo – July 18 2023: The Ministry of Petroleum and Mineral Resources aims to achieve increasing the mining sector’s contribution to the nation’s GDP to 5 percent, announced Minister Tarek El Molla during the inauguration of the highly anticipated Egypt Mining Forum 2023 earlier today.
El Molla disclosed plans to initiate a series of tenders in the current quarter of the year, focusing on precious and base metals, phosphates, sulfur, and potash. He added that initiatives such as these demonstrate Egypt's unwavering commitment to maximizing the utilization of its abundant mineral resources, driven by the nation's ongoing economic reforms.
The minister emphasized Egypt's rich mining heritage, pointing out that it dates back to ancient times, and underscored the nation's immense potential to become a premier global mining destination. This vision positions Egypt as a prominent player on the international mining investment map, attracting global interest and engagement.
The Egypt Mining Forum is a significant event on the global and regional mining calendar, firmly in line with the Ministry of Petroleum and Mineral Resources' strategic vision for mineral resource development. Esteemed guests attending the inauguration included Bandar Alkhorayef, Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia, Ahmed Samir, Minister of Trade and Industry, and Yonis Ali Guedi, Minister of Energy and Natural Resources of the Republic of Djibouti, alongside notable CEOs from leading local and international mining companies.
Egypt has made significant strides in balancing its mineral development initiatives with environmentally sustainable practices, reflecting the nation's commitment to green mining and the objectives set forth by COP27.
Recently, Prime Minister Mostafa Madbouly and Adel Saeed, the Chairperson of the General Authority for the Golden Triangle Economic Zone (GTEZ), convened to discuss the progress of the Golden Triangle development project in the Eastern Desert.
Egypt launched the Special Economic Zone of the Golden Triangle, a dedicated platform aimed at fostering the growth of mining and value-added projects within the resource-rich region encompassing Qena, Safaga, and Al Qusair. Boasting vast reserves of iron, copper, gold, silver, granite, and phosphates, the Golden Triangle represents approximately 75 percent of the country's mineral wealth.
The meeting reaffirmed the government's commitment to the comprehensive development of the region, further bolstering Egypt's mining potential and overall economic growth.
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