Egypt to expand mining sector, boost economic contribution by 2030
Date
7/18/2024 5:56:09 AM
(MENAFN) Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, outlined the government's ambitious goals to significantly increase the mining sector's contribution to the national economy by 2030. Speaking at the third edition of the Egypt Mining Forum (EMF), Badawi emphasized plans to raise the sector's share of the national GDP to 5 percent within the next decade. Currently, Egypt produces approximately 560,000 ounces of gold annually, with aspirations to ramp up production to 800,000 ounces per year by 2030. Concurrently, the country aims to extract 30 million tons of various minerals annually by the same target year.
In an effort to bolster investment in the sector, Minister Badawi announced the upcoming launch of the Egypt Mining Portal, a digital platform slated to go live by the end of the year. This platform aims to facilitate transparency and attract both local and international investments. Safety remains a top priority in Egypt's mining strategy, with initiatives planned in collaboration with the Ministry of Environment to ensure sustainable and environmentally friendly practices. Moreover, the focus on developing human resources underscores the government's commitment to achieving its economic and developmental objectives.
Martin Horgan, CEO of Centamin, highlighted Egypt's competitiveness in the global mining landscape during his address at the forum. He praised the Sukari gold mine as a global benchmark due to its substantial reserves and ongoing development efforts in partnership with the Egyptian government. Horgan expressed confidence in Egypt's potential to attract further investments in mining, citing promising opportunities and a skilled workforce that augurs well for the country's economic growth.
The concerted efforts outlined by Minister Badawi and supported by industry leaders like Horgan underscore Egypt's strategic approach to harnessing its mineral wealth for economic diversification and sustainable development. With clear targets set for production expansion and investment facilitation, Egypt aims to emerge as a prominent player in the global mining sector by 2030.
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