Development of the Egyptian Mining Sector.. New Investments and Global Partnerships in 2023

 “The year 2023 saw the completion of steps in the program to develop and modernize the Egyptian mining sector in all its aspects, whether by creating an attractive climate for mining investment, supporting digital transformation in sector activities, and investing in the development of mining sector personnel. This aims to unleash the potential of this sector and optimally exploit Egypt’s mineral wealth. The most important successes were as follows

– The Ministry of Petroleum and Mineral Resources and the Mineral Resources Authority reached an agreement with two of the world’s largest gold mining companies, Canada’s Barrick Gold and England’s Centamin, on the commercial, financial, and legal terms of a mineral exploitation contract for several concession areas won by these companies in the global tender for gold and associated minerals exploration and exploitation in the Eastern Desert. This agreement is considered a success of the mining sector development and modernization program, especially since Barrick and Centamin are global companies with the expertise, financial solvency, and technologies to expedite the implementation of the agreement and achieve business results that contribute to the development of the mining sector

– The commercial production trials of gold from the Iqat site in southern Egypt began in March 2023, crowning the ambitious plan that was set to start production early from this site, which is estimated to have reserves of about 1.2 million ounces of gold, with a 95% extraction rate, one of the highest extraction rates. The site is located in the concession area of Shalateen Mineral Wealth Company, while the Resource and Mining Services Company conducted the exploratory services, and the discovery is a product of pure Egyptian investment in the field of gold exploration and exploitation. The Joint Operations Company (Iqat Gold Mines Company) was also established. The quantity of gold produced reached about 45 kg of various purities

– The launch of the second edition of the Egypt Mining Forum in July 2023 under the slogan “Building on 120 Years of Geological Discoveries for a Sustainable, Low-Carbon Future.” The forum achieved several important results, most notably increasing the interest in investing in Egypt in the field of mining and unlocking its mining wealth, as evidenced by the size of the participation in the second edition and the participation of global companies in the forum and its accompanying exhibition

– A cooperation protocol was signed between the Egyptian General Authority for Mineral Resources and the General Authority for the Economic Zone of the Golden Triangle for joint work on exchanging necessary expertise in the field of mining within the Golden Triangle area, in addition to consulting on preparing the general conditions and rules necessary for obtaining licenses to practice mining activities in the area, as well as cooperating in promoting investment opportunities in Egypt’s natural wealth in the Golden Triangle

– Two memoranda of understanding were signed to start the necessary procedures for a phosphoric acid production plant project to maximize the added value and return from Egyptian phosphate with the Australian company Lynasbridge during the Egypt Mining Forum. A memorandum of understanding was signed between the General Authority for the Economic Zone of the Golden Triangle, Phosphate Egypt and Lynasbridge to implement and operate a phosphoric acid plant in the economic zone of the Golden Triangle, and another memorandum was signed between Phosphate Egypt and the Australian company to supply the necessary phosphate ore for the project

– A research contract was signed between the Egyptian General Authority for Mineral Resources and Lotus Gold Corporation for three sectors to search for gold ore and associated elements in the Eastern Desert of Egypt, with investments estimated at about $2.5 million

– The implementation of a digital platform for the field of mining and mineral wealth in Egypt, similar to the Egypt Exploration and Production portal, was launched. The mining portal will contain all the necessary geological data and maps for investors to facilitate the presentation of investment opportunities in the field of mineral wealth in Egypt and promote tenders and attract investments. The technical evaluation of the portal has already been completed

– A database of mining wealth in the Arab Republic of Egypt was established, in which basic data for 27 mineral ores were collected, and the data verification process is underway in preparation for their inclusion in the digital platform for mining ores

– The completion of the development of the Mineral Resources Authority’s laboratory in Marsa Alam to serve mining activities in the Eastern Desert and geological missions in the area as part of a program that includes developing and enhancing the efficiency of employees, buildings, and furnishing them with modern technologies and equipment to meet and achieve the goals of the strategy to maximize and exploit mineral wealth and increase its contribution to the national economy, which is being implemented with a strong will for development and modernization

– The opening of MSA and ALS laboratories in Marsa Alam for comprehensive testing of gold and base metals in soil, rock, and drilling samples in Marsa Alam as part of localizing all activities of the mining industry in Egypt and honing the skills of its workers

– A cooperation protocol was signed between the Egyptian General Authority for Mineral Resources and the American Chamber

of Commerce in Egypt to implement the second phase of the human capacity building program and develop human resources in the mining sector

– Various global training programs were implemented for the staff of the Mineral Resources Authority in cooperation with specialized entities in Australia, Japan, and China, including the Australian JORC mining code program for two groups of staff, and the Mining Resources Development and Management Program with the Chinese government, and a program on the use of remote sensing in mining exploration with the Japanese JICA agency

– About 13 million tons of mining products and ores were produced during the year, and the quantity of exports of mined ores reached about 2.3 million tons

– The total revenues achieved for partnership contracts amounted to about 336 million Egyptian pounds, compared to about 114 million Egyptian pounds in 2022.”