(3 minutes read)
- Egyptian Minister of Petroleum and Mineral Resources Engineer Tarek El-Molla stressed that Egypt was implementing an ambitious program to develop its mining in line with Country’s Vision 2030
- The minister said that the work was underway to implement the first gold refinery in Marsa Alam
- El-Molla in his speech explained that Egypt’s ambitious program developed by the Ministry of Petroleum and Mineral Resources succeeded in implementing comprehensive reforms to advance the Egyptian mining system.
Egyptian Minister of Petroleum and Mineral Resources Engineer Tarek El-Molla stressed that Egypt was implementing an ambitious program to develop its mining in line with Country’s Vision 2030. The minister said that work was underway to implement the first gold refinery in Marsa Alam.
The minister was speaking at the eighth consultative meeting of Arab mining and mineral resources in Riyadh.
El-Molla in his speech explained that Egypt’s ambitious program developed by the Ministry of Petroleum and Mineral Resources succeeded in implementing comprehensive reforms to advance the Egyptian mining system.
He also reviewed the most prominent measures that have been applied to develop the Egyptian mining sector. Those included amendment of the mining law to reflect new legislative reforms. He also stressed that agreement systems were changed from profit-sharing to royalty and tax system. Licensing system has been created to encourage investment.
El-Molla further added that the mining sector in Egypt was reaping the fruits of the reforms implemented. He referred to the success of the first global bid that was launched in 2020 in attracting unprecedented global and local participation in the field of gold mining in the Eastern Desert and the Red Sea despite the global challenges of the Corona pandemic. Work was underway, he informed, to implement the first approved gold refinery in Egypt in the Marsa Alam area in the Eastern Desert to maximize the added value of gold resources and to complete the value chain for gold production by maximizing local content.
