By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
    March 22, 2023
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    Egypt aims to attract 30 million tourists in 2028: Tourism Minister
    March 22, 2023
    KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
    KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
    March 22, 2023
    CIB general assembly approves issuance of financial instruments worth $1bn 
    CIB general assembly approves issuance of financial instruments worth $1bn 
    March 22, 2023
    BSH Home Appliances to invest €50m in state-of-art factory in Cairo
    BSH Home Appliances to invest €50m in state-of-art factory in Cairo
    March 22, 2023
  • Politics
    PoliticsShow More
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
    Al Azhar University partners with Google to empower students with latest learning solutions
    Al Azhar University partners with Google to empower students with latest learning solutions
    March 22, 2023
    Irrigation Minister discusses international cooperation with UNGA President
    Irrigation Minister discusses international cooperation with UNGA President 
    March 22, 2023
    Luxor hosts conference on climate change: Shoukry
    Luxor to host conference on climate change: Shoukry
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egyptian companies inject $8.1m investments in gold exploration sector
Share
Notification
Latest News
Drought caused 43,000 deaths in Somalia in 2022: UN
Drought caused 43,000 deaths in Somalia in 2022: UN 
Region Politics
Opinion| The Chinese dragon occupies America's place in the Middle East
Opinion| The Chinese dragon occupies America’s place in the Middle East
Politics Opinion World
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Business
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Tourism
KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Egyptian companies inject $8.1m investments in gold exploration sector
Business

Egyptian companies inject $8.1m investments in gold exploration sector

Mohamed Farag
Last updated: 2022/07/17 at 6:43 PM
By Mohamed Farag 3 Min Read
Share
Egyptian companies inject $8.1m investments in gold exploration sector
SHARE

Thanks to ongoing reforms in the mining sector and investment climate, in general, several Egyptian companies turned to invest in gold exploration and extraction.

Akh Gold, a subsidiary of Altus Strategies, signed a $4.1m agreement with the Egyptian government to search for gold in nine areas in the Eastern Desert.

Moreover, the Egyptian Mining and Manufacturing Company – MEDAF signed a similar agreement worth $3m to search for gold in one area. Ebdaa Gold Mine also inked a deal for gold exploration in one area, with $1m investment. 

The Ministry of Petroleum is keen on providing full support for mining companies to overcome any challenges and obstacles and achieve the best results, according to Minister of Petroleum Tarek El Molla.

In April 2021, the Egyptian Mineral Resources Authority signed 15 contracts with seven English, Canadian, and Egyptian companies to search for gold in 30 areas, with investments amounting to $42.2m.

The Ministry of Petroleum aims to implement a general plan in the medium and long term. It aimed to achieve a major qualitative leap in the performance of the mining sector by 2030, increasing the sector’s contribution to the gross domestic product to 5% instead of 0.5% currently, according to a prominent government official.

There are also plans to maximize the economic return from the mining industry and give confidence to investors. It is expected that Egypt will achieve foreign direct investments in the mining sector in the short term at a value of $375m, and that direct investments expected in 2030 will reach $750m.

The Mineral Resources Law No. 145 of 2019 was issued after amending some of its provisions. The law aimed to provide and create an attractive investment environment by addressing some challenges and obstacles to the flow of investments.

The law approved facilitating investment procedures and research licenses and reducing the time and procedures necessary for that to be done. Research and exploration were separated from the exploitation and production process, so that search and exploration operations are under a direct license from the Minister of Petroleum and Mineral Resources.

These procedures led to the speedy completion of the mining investment procedures and their facilitation with the limitation of parliamentary ratification processes and the issuance of a law only when a commercial discovery was made.

You Might Also Like

Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 

Egypt aims to attract 30 million tourists in 2028: Tourism Minister

KOICA holds final consulting workshop on enhancement of public e-procurement project in Egypt

CIB general assembly approves issuance of financial instruments worth $1bn 

BSH Home Appliances to invest €50m in state-of-art factory in Cairo

TAGGED: Gold
Share this Article
Facebook Twitter Email Print
Previous Article Banks and companies injected EGP 46.368bn in Egypt under the Real Estate Financing Initiative Banks and companies injected EGP 46.368bn in Egypt under the Real Estate Financing Initiative
Next Article Egypt’s Al-Sisi to visit Oman next Monday to discuss bilateral relations Al-Sisi heads to Berlin for Petersberg Climate Dialogue
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Drought caused 43,000 deaths in Somalia in 2022: UN
Drought caused 43,000 deaths in Somalia in 2022: UN 
Region Politics
Opinion| The Chinese dragon occupies America's place in the Middle East
Opinion| The Chinese dragon occupies America’s place in the Middle East
Politics Opinion World
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Egypt starts trial operation of ‘Iqat’ gold mine: Minister of Petroleum 
Business
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Egypt aims to attract 30 million tourists in 2028: Tourism Minister
Tourism
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?