The Egyptian Minister of Petroleum, Tarek El Molla, announced today, Wednesday, that his country’s strategy aims to develop mining cities, one of which will be devoted to gold.
During the International Mining Conference in Riyadh, Al-Mulla said that work is underway to implement the first approved gold refinery in Egypt in the Marsa Alam region in the Eastern Desert, in order to maximize the added value of gold resources and to complete the value chain for gold production by maximizing local content.
He said that “Egypt is implementing an ambitious program to develop its mining industry based on Egypt’s Vision 2030, which considers the optimal use of natural resources as one of its most important goals,” adding that “the program developed by the Ministry of Petroleum and Mineral Resources succeeded in implementing comprehensive reforms to advance the Egyptian mining system after studying all Local and international challenges.
He also pointed out that “there are tremendous opportunities to benefit from Egypt’s strategic location and the rich geological nature of Egypt as part of the Arab-Nubian Shield,” stressing the need to require real investment attractions to be achieved through controlling the legislative system and introducing contracting systems similar to international mining markets, as well as digital transformation and pillars. Key principles for serious investment such as the financial system, licensing system and sector governance.
The conference was launched with a speech by the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, in which he confirmed that the Kingdom of Saudi Arabia is working to make the mining sector a third pillar for national industries, stressing the importance of holding the conference in mobilizing efforts and putting the ambitions and aspirations of joint cooperation among the countries of the region into implementation in this sector. Vivid and important