Egypt to Launch Revamped Mining Forum as Government Pushes Sector Reforms

Egypt will launch a special edition of the Egypt Mining Forum in September under the patronage of President Abdel Fattah Al-Sisi, as the government seeks to position the country as a regional mining hub and attract greater foreign investment into the sector.

Minister of Petroleum and Mineral Resources Karim Badawi announced on Sunday that the forum would take place on Sept. 28-29 in the New Administrative Capital, with broad international participation expected from major mining companies and global investors.

The announcement came during an extensive tour of the Sukari Gold Mine attended by members of parliament’s Industry Committee, lawmakers from the Red Sea Governorate, regional executives from AngloGold Ashanti, as well as local and international media representatives.

Badawi said the revamped forum marked the beginning of a new phase for Egypt’s mining sector focused on boosting competitiveness, opening the market to major international companies and transforming Egypt into a regional centre for mining industries.

He said the sector’s development was part of directives issued by President Sisi to maximise the economic value of Egypt’s mineral wealth and raise mining’s contribution to gross domestic product from around 1% currently to 6% in the coming years.

“The forum will serve as an important international platform to strengthen cooperation and investment in Egypt’s mining sector,” Badawi said, citing legislative and investment reforms aimed at attracting more investors and increasing the value generated from mineral resources.

During the visit, the minister toured operational areas at Sukari mine, including the open-pit mine, heavy equipment maintenance workshops and the gold processing plant, whose annual production exceeded 500,000 ounces after AngloGold Ashanti became a strategic investment partner in the project.

Badawi said Sukari ranked among the world’s top 15 gold mines and was classified as a first-tier mine globally in terms of production levels.

Egypt has accelerated reforms in recent months to improve the investment climate for mining, including transforming the Egyptian Mineral Resources Authority into an independent economic body renamed the Mineral Resources and Mining Industries Authority.

According to the minister, the move grants the authority greater flexibility in managing the sector, enhancing financial resources and promoting mining investment opportunities.

He added that parliament had approved amendments to the authority’s governing law before President Sisi ratified the legislation, in a step aimed at aligning the sector with international best practices.

Badawi also said Egypt had introduced a more attractive legislative framework for gold and mineral exploration, alongside investment incentives for companies operating in early-stage exploration activities. He added that executive measures to implement the reforms were under way after cabinet approval of the law’s executive regulations.

The minister also revealed plans to launch a digital mining investment portal designed to streamline procedures for investors and mining companies.

Yasser Ramadan, head of the Mineral Resources and Mining Industries Authority, said reforms included updating mining investment systems to operate under a taxation and royalty model aligned with global standards, in addition to new incentives targeting exploration companies.

In turn, Hoda Mansour said AngloGold Ashanti’s decision to invest in Egypt through Sukari during the second half of 2024 reflected the company’s confidence in Egypt’s investment climate.

She noted that Egypt was the fourth-largest gold mining company’s first investment destination in the Middle East and praised the mine’s workforce, saying Egyptians account for 97% of total employees at the site.

Mansour also praised the partnership with the Egyptian government and the petroleum ministry, saying discussions with Badawi before the investment decision created positive momentum that encouraged the company to move forward with its investments in Egypt.

She added that the presence of a mine the size of Sukari underscored Egypt’s promising geological potential and strengthened prospects for discovering additional world-class deposits in the future.