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Speaking to the Middle East News Agency (MENA) during a visit to the Sukari gold mine in Marsa Alam at the North Coast, Minister Badawi said the ministry is updating the system for offering mining areas for investment to align with global best practices.
This includes adopting an “open-door” licensing system, under which areas will be made available to serious investors continuously without competitive bidding, provided they meet the required technical and financial criteria.
Badawi added that the ministry is also adopting a package of incentives targeting start-ups and small- and medium-sized enterprises (SMEs), which play a key role in new gold exploration.
He said investor feedback has been taken into account, leading to the approval of several facilitative measures, including the implementation of a one-stop-shop system through the representation of relevant authorities on the board of the Mineral Resources Authority to streamline licensing procedures.
The incentives also include offering larger and more suitable mining areas to improve project feasibility, as well as encouraging financial institutions to provide financing for investors.
The minister noted that efforts are underway to maximize the value of Egypt’s mining potential through a planned aerial geophysical survey project, which is expected to reduce investment risks and enhance the quality of data available to investors.
The project will also support the assessment of the quantities and types of minerals Egypt possesses, including rare minerals, as well as mining and downstream industries.
The energy sector, including mining, is one of five priority sectors in Egypt’s new economic plan, aimed at raising the country’s real GDP to seven percent by 2030 and creating 1.5 million new jobs.
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