Molla: Egypt creates suitable climate to lure int'l investments in mining sector

CAIRO - 3 March 2020: Minister of Petroleum and Mineral Resources Tarek el Molla said Egypt seeks to attract the major international investors and companies to the Egyptian mining industry.

Egypt works to create an investment-friendly climate and cope up with the international practices in the mining industry with an aim to turning the mining sector into a strong contributor to the country's national income.

The minister made the remarks during his participation in the World’s Premier Mineral Exploration and Mining Convention (PDAC) in Toronto, Canada, said a statement by the Oil Ministry on Tuesday.

Egypt possesses the oldest mining industry in the world and is rich in many untapped mining opportunities and resources in addition to a high- standard infrastructure, Molla said.

Egypt will launch a major international bid for gold exploration in mid March on 320 blocks over an area of about 56,000 kilometers in the Eastern Desert and the Red Sea, the first tender to be launched after the amendment of the law regulating the mining activities, Molla added.

Molla reviewed the new Egyptian model with regard to the efforts aiming to develop the mining sector and measures taken to improve the investment climate in such a key sector.