Egyptian negotiations with an international gold exploitation company

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi said that Cairo supports and is taking important steps to attract a number of major international companies to the mining market in Egypt.

This came during a session of discussions held by the Egyptian Minister with Canadian Prime Minister Justin Trudeau, as part of his participation in the work of the nineteenth Summit of Francophonie in the French capital, Paris.

The Egyptian Minister discussed ways to enhance cooperation between Cairo and Ottawa, especially in the field of mining, as Canada is one of the largest countries in the world in the field of mining, according to a statement by the Egyptian Ministry of Petroleum and Mineral Resources.

The two sides touched on the position of the activities of Canadian companies operating in the field of mining in Egypt, such as Barrick Gold Company, which ranks second according to the international classification in the field of gold and metal mining and operates in Egypt in 19 sectors in the Eastern Desert.

The Egyptian Minister of Petroleum stressed the importance of joint cooperation between Egypt and Canada, and negotiations with Barrick Gold to agree on a model contract for gold exploitation, pointing out that his country supports and is taking important steps to attract a number of major international companies to the mining market in Egypt.

The Egyptian Minister expressed his country’s aspiration for more investments by participating in the new auctions scheduled to be launched to search for gold and associated minerals.

The discussions touched on the great potential of the Egyptian mining sector and the infrastructure provided by the state that contributes to supporting the optimal exploitation of these wealth.

The Egyptian Minister of Petroleum confirmed that work is underway to implement a regulatory framework to create an attractive investment climate in the mining sector, which is supported by the launch of the Egypt Mining Portal, as a digital investment platform, which is scheduled to be actually launched by the end of this year, as a basic catalyst for mining investment and easy access to data on investment opportunities that Egypt is rich in mining and energy.

Source: RT