Oil minister posts int'l firms on mining opportunities in Egypt

CAIRO - 4 March 2020: Petroleum Minister Tareq el Molla - who is currently in Toronto, Canada, to attend an international conference on mining - has posted senior officials at a number of global firms on investment opportunities in Egypt.

In a meeting on the fringe of the event with Deputy Chairman of Britain's Centamin PLC James Rutherford, Molla reviewed measures taken to upgrade the mining sector in Egypt and create an investment-friendly climate.

He touched upon promising opportunities in the mining field in Egypt, especially in light of amendments to the mineral resources law.

Rutherford, for his part, affirmed that the new mining regulations will encourage major mining companies to enter the Egyptian market.

Molla also had talks with CEO of Sprott US Holdings Rick Rule, who voiced interest in participating in the gold mining tender to be launched in mid-March.

In addition, the executive vice president of La Mancha Resources, Vincent Benoit, commended the recent amendments to the mining regulations which switched to a tax and royalty system instead of the production-sharing system.

Benoit also affirmed the company’s interest to participate in the anticipated tender and inject large investments into the mining sector in Egypt.

Senior officials of Kinross Gold also pointed out that the recent regulative amendments have encouraged the company to place Egypt among its top five investment priorities for the coming years.