A Letter of Intent to Accelerate Investment: Fruitful Collaboration Between the Ministry of Petroleum and Aton Resources

As part of his participation in the activities of the British Egyptian Business Association (BEBA) mission in London, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, held a significant meeting with officials from the Canadian company Aton Resources. The meeting was attended by Eng. Moataz Atef, Undersecretary of the Ministry for the Minister’s Office Affairs and the Technical Office, as well as the Ministry’s spokesperson.

Fruitful Collaboration Between the Ministry of Petroleum and Aton Resources

The session reviewed the latest developments in Aton Resources’ activities within its concession area in Abu Marawat in the Eastern Desert. Recently, the company achieved remarkable progress with two commercial discoveries in the “Hamama” and “West Rodruin” areas.

The discussions also touched on the company’s future plans to establish a modern facility for processing gold extracted from the mines in its concession areas.

Eng. Karim Badawi praised the positive results achieved by the company, reaffirming the Ministry’s full support for accelerating its operations and expanding its activities in Egypt.

The Minister highlighted that this support aligns with Egypt’s strategy to enhance its role as a regional hub for mining investments, particularly following the sector’s recent legislative reforms.

For his part, Toono Vahk, Chairman of Aton Resources, expressed his company’s commitment to further enhancing its investments in Egypt.

He noted that the country’s investment climate has become increasingly attractive, thanks to the fruitful cooperation with the Ministry of Petroleum and Mineral Resources and the Egyptian Mineral Resources Authority (EMRA).

He also lauded Egypt’s new mining law, which reflects the state’s vision of fostering partnerships with international companies, expressing optimism about achieving more mutual successes.

The meeting concluded with the signing of a Letter of Intent between the Ministry of Petroleum and Mineral Resources and Aton Resources.

The agreement stipulates that EMRA will study amendments to the

company’s concession agreement, allowing it to increase its foreign investments within the concession areas. This step aims to maximize the economic returns for Egypt.

The Letter of Intent was signed by Toono Vahk, Chairman of Aton Resources, and Eng. Moataz Atef, Undersecretary of the Ministry for the Minister’s Office Affairs.

This agreement reflects the Ministry’s commitment to providing the necessary support to global companies, contributing to the sustainable development of the sector and the optimal utilization of Egypt’s mineral resources.