Egypt reveals incentives to attract global miners
- New licences and web portal announced
- Country has ‘untapped mineral wealth’
- Startups to benefit from permits
Egypt has announced an incentive scheme and finally launched its delayed mining portal to attract foreign investors to the sector.
The country wants to draw emerging and mid-sized miners to explore its largely untapped mineral wealth, minister of petroleum and mineral resources Karim Badawi said in a statement.
The incentives were revealed during the “Explore in Egypt” meeting in Perth, where more than 30 Australian companies were reported to have shown interest in investing.
The reforms are designed to transform Egypt into one of the top mining destinations in Africa and the Middle East, Badawi said.
The government will cut annual fees and make exploration phases more viable by reducing initial costs. Tax and customs exemptions will be granted for exploration equipment, supplies and related services.
Badawi said companies are now allowed to include multiple minerals under a single operating licence, rather than having to apply for several.
The government is issuing licences for reconnaissance operations: a fast, low-cost permit that will benefit startups, allowing them to quickly assess potential before investment in full exploration.
Further reading:
- Minerals come into focus as Egypt wrestles with oil reforms
- Egypt launches $6bn energy investment plan
- The Golden Triangle: treasures of the Eastern Desert
Badawi said that Egypt will soon start a nationwide aerial survey to identify promising mining areas, including minerals needed for renewable energy.
The mining portal was initially scheduled to be operational by the end of 2024 and is part of a drive to exploit what the government says is untapped commodities wealth, Badawi said at the Adipec energy conference in Abu Dhabi in November last year.
The goal is to raise mining’s share of GDP from 1 percent to 5 to 6 percent over the next decade, Badawi said.
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