Engineer Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, received this morning a high-level delegation from the global mining giant Barrick Gold at the Ministry’s headquarters in the Government District of the New Administrative Capital.

Petroleum Minister Opens the Door to Mining Investment for Barrick Gold

The delegation included Henry Onslow, Exploration Director; Nadia Saint-Jean, General Manager of Operations; Engineer Mohamed Mohsen, General Manager of Barrick Egypt; and Geologist Ahmed Tarek.

From the Egyptian side, the meeting was attended by Geologist Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA); Engineer Moataz Atef, Undersecretary for the Minister’s Technical Office and Official Spokesperson; and Dr. Mohamed El-Bagoury, Head of the Central Department for Legal Affairs at the Ministry.

During the meeting, Minister Badawi emphasized that the Ministry is moving forward with an ambitious vision to modernize the mining sector, as part of the third pillar of its national strategy.

This strategy aims to raise the sector’s contribution to the GDP from 1% to between 5% and 6%.

He pointed to strong cooperation between the Ministry of Petroleum and the Ministries of Finance and Environment, aimed at streamlining procedures and improving the legal and regulatory frameworks to make Egypt a more attractive destination for global mining investments.

Badawi noted that there is alignment between the Ministry and the Ministry of Environment regarding certain areas identified for investment.

This reflects the government’s flexibility and speed in dealing with investors, affirming that Barrick Gold is a strategic partner in the development journey of Egypt’s mineral wealth sector.

The Minister also highlighted efforts to update airborne geophysical surveys, noting that the last such survey conducted in Egypt dates back to 1984. He stressed the importance of utilizing modern techniques to enhance the accuracy and effectiveness of mineral exploration.

Barrick Gold representatives underscored the importance of strengthening cooperation with the Ministry of Petroleum and EMRA, particularly in identifying promising areas for exploration and ensuring a transparent and supportive legal and regulatory environment.

They also praised Egypt’s efforts to provide up-to-date geophysical data, affirming that Barrick’s primary goal in Egypt is to explore high-potential mining zones that could lead to world-class discoveries.

At the conclusion of the meeting, Minister Karim Badawi reiterated the Egyptian government’s commitment to an open-door policy that supports the private sector and international companies in the development of the mining industry.

He emphasized that Egypt possesses all the elements necessary for shared success — from abundant natural resources and infrastructure to continuous governmental support.

He also extended an official invitation to Mr. Mark Bristow, President and CEO of Barrick Gold, to attend the upcoming Egypt Mining Forum (EMF) scheduled for July, positioning it as a key platform to promote investment opportunities in Egypt’s mining sector.