Molla discusses with major int'l firms investment opportunities in mining sector

CAIRO - 5 March 2020: Petroleum Minister Tarek el Molla had talks on Thursday with several heads of major global mining companies on investment opportunities in Egypt in the mining sector.

This came on the sidelines of the annual PDAC Convention, the world's premier international event for the minerals and mining industry, held in Toronto, Canada.

In a statement on Thursday, the Petroleum Ministry said that Mulla had talks with Canadian International Trade Minister Mary Ng on means of promoting bilateral cooperation, particularly in light of Canada's hands-on and great experience in the mining field.

During the meeting, the two sides reviewed working plans and programs executed by the Petroleum Ministry to develop the mining sector in Egypt.

For her part, the Canadian minister welcomed Egypt's strong participation in the conference, saying Egypt has become the focus of attention of many international companies in the field of mining.

Mulla also held talks with Nicholas Cotts, the Vice President of the Sustainability and External Relations at Newmont Mining Corporation, and a number of the company's leaders on investment opportunities in Egypt.

During the meeting, Cotts expressed his company's keenness on entering the upcoming bid for gold. The two sides reviewed areas proposed for the tender, as well as the new financial system to motivate investors to pump more investments
into the Egyptian mining sector.

Newmont Corporation, based in Greenwood Village, Colorado, USA, is the world's largest gold mining company.

Incorporated in 1921, it has ownership of gold mines in Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname. In addition to gold, Newmont mines copper, silver, zinc and lead.