Egypt courts global miners as it seeks to lift mining’s GDP share sixfold
Egypt's Petroleum and Mineral Resources Karim Badawi addressing the African Down Under conference.
Egypt is stepping up efforts to attract international miners as it targets raising the contribution of mining to the economy from less than 1% of GDP to as much as 6%, Petroleum and Mineral Resources Minister Karim Badawi said on Thursday.
In his first appearance at the Africa Down Under conference in Perth, Badawi said Egypt was overhauling its regulatory regime and offering new opportunities in the Arabian-Nubian Shield, one of the world’s most prospective but underexplored mineral belts. “Your success is our success,” he told delegates. “We cannot do this alone.”
Badawi said recent work with companies including AngloGold Ashanti and Barrick Mining had shaped new exploitation agreements aimed at making Egypt more attractive to foreign investors. He also flagged reforms to convert the national mining authority into an “economic authority” with powers to deliver projects and accelerate approvals.
The country plans to launch nationwide aerial surveys and digital platforms to provide investors with geological and licensing data, while ensuring a pathway for junior explorers as well as major producers.
“We are committed to make access to junior exploration companies in Egypt easier,” Badawi said.
Egypt’s established oil and gas infrastructure and its updated national energy strategy, which will see renewables account for 42% of the energy mix by 2030, are intended to provide the energy security needed to underpin mining growth.
Badawi said Egypt aimed to position itself not only as a mining destination, but also as a regional energy and mining hub, leveraging its location, infrastructure and export capacity.
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