Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with Naguib Sawiris, Chairman of In2Metals Holding Company and Orascom Investment Holding, to discuss means of boosting cooperation in the mining sector. The meeting looked at boosting mineral exploration, particularly gold. It also touched on monitoring current partnerships and investments in gold exploration in the Western Desert, as well as accelerating their pace.
The Sawiris family fully owns In2Metals, which is incorporated in Luxembourg and focuses on gold and copper exploration. The company holds an 80.1 per cent stake in Akh Gold, KH Gold, a gold exploration company focused on discovering gold deposits in Egypt’s Eastern Desert.
During the meeting, the Minister emphasized the important role that major Egyptian investors play in supporting the national economy. He said that the presence of prominent businessmen like Sawiris in the mineral resources sector reflects the growing confidence in Egypt’s investment climate.
Badawi also reviewed the reforms made by the Ministry of Petroleum and Mineral Resources (MoPMR) over the past period in terms of the legislative and regulatory structure of the mining sector. That includes transforming the Egyptian Mineral Resources Authority into an independent economic entity, under the name “Mineral Resources and Mining Industries Authority.” The new Authority will undertake comprehensive aerial surveys to identify the locations of ores and minerals, and process and analyze geological data, providing investors with a more accurate and in-depth understanding of promising areas.
For his part, Sawiris expressed his appreciation for the reforms made by MoPMR to develop the mining sector in Egypt. He noted that using the scientific data resulting from aerial surveys marks a qualitative shift in the methodology for dealing with natural resources in Egypt. He also stressed that there is promising potential for investment in the next few years.
In a recent interview with the Private TV channel, DMC, Badawi expressed his optimism about the progress achieved in the mining sector. He explained that Egypt’s Sukari mine is one of the top 10 gold mines in the world in terms of technology and operating systems.
During the interview, Badawi emphasized that a supportive legislative framework, along with strong infrastructure and rich geological potential, are key drivers of Egypt’s ongoing mining sector renaissance.
