Minister of Petroleum: We have completed updating a model for investment in gold and minerals that is consistent with international best practices. We aim to increase the contribution of mining to between 5 and 61% of GDP within a few years.

Marian 4 September 2025 Blog

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Next PostMinister of Petroleum holds talks to develop Iqat mine and place it on the global gold map. A study is underway to establish a carbon extraction plant to process gold-bearing rocks, in addition to planning to build two power and water plants. Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with Dr. Sherine Helmy, CEO of Mining Resources and Resources Company, the operating contractor at the Iqat gold mine in the Eastern Desert, and company officials, the company's plans for business development and future expansion, with the aim of placing the mine on the global gold production map in accordance with international standards. During the meeting, company officials and their technical team reviewed the status of several targeted projects, including the ongoing studies to establish a carbon extraction plant to process gold-bearing rocks, in addition to plans to build two power and water plants, benefiting from Australia's advanced expertise in this field. For his part, the Minister of Petroleum praised the company's role as an Egyptian investor since 2016, affirming his full support for the company to overcome challenges and place the Iqat mine on the global gold production map soon, in cooperation with the Egyptian Mineral Resources and Mining Industries Authority. Badawi concluded his participation in the Africa Down Under Mining and Energy Conference, the largest African mining event held outside the continent, which witnessed the first official Egyptian participation with a delegation headed by the Minister of Petroleum. The Egyptian participation aimed to promote the new investment climate in the mining sector, with the aim of attracting Australian companies’ investments, in light of the modernization of investment systems and legislation, the facilitation of licensing procedures, and the development of the role of the Egyptian Mineral Resources Authority to enhance Egypt’s attractiveness for mining investments. Before concluding his participation in the conference, Badawi was keen to hold intensive sessions and discussions with investors, concluding a series of extensive discussions he held over the days of the conference with nine Australian institutions and companies specialized in the field of mining. He also participated in two main sessions on mining investment in Egypt to present developments in the investment climate and promising opportunities for exploring and exploiting mining ores in Egypt to investors. During the roundtable meeting titled "Invest in Egypt," held in cooperation with AGA and Capital Drilling for Mining, and attended by a large number of mining company leaders and representatives, Badawi emphasized that the Egyptian government is moving forward to create an attractive investment climate in the mining sector through legislative and regulatory reforms in line with international practices. The Minister of Petroleum called on emerging and medium-sized mining companies to share their views on developing legislation to encourage them to invest in Egypt, especially since it represents the largest base in the sector. He emphasized the state's commitment to cooperating with the private sector and removing any obstacles facing mining investors, affirming Egypt's position as a reliable investment destination. For his part, Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority, reviewed during the session the investment opportunities for exploration and prospecting for mineral ores, which represent promising opportunities supported by a strong infrastructure, modern legislation, and facilitated licensing procedures, in addition to the investment incentives provided by the state. The Minister of Petroleum also held a discussion session with Geoff Quartermaine, Managing Director and CEO of Perseus Mining, an Australian gold company that focuses primarily on Africa and operates multiple gold mines in West Africa. The two sides discussed ways to transfer Perseus' extensive expertise in modern mining practices, such as advanced drilling techniques, enhanced processing, and data-driven mine planning, to the Egyptian mining sector. The Minister invited the company to visit Egypt to learn about the available investment opportunities and the potential of the Egyptian mining sector. Badawi also met with the Global Head of Natural Resources and Energy at BDO, one of the largest accounting and consulting firms in Australia. The meeting addressed ways to cooperate in the field of economic feasibility studies, advisory services, and providing financing services for energy and mining projects in Egypt. The two sides discussed ways to attract investors, especially start-ups, to work in the mining sector in Egypt, in light of the Egyptian mining sector's current interest in providing an attractive investment environment, especially in unexplored areas. The two sides agreed that Mr. Sherif Andraos would visit Egypt soon, along with a number of senior officials from start-up and medium-sized mining companies in Australia, to learn about investment opportunities and the potential of the mining sector. In the same context, the Minister of Petroleum met with Greg Rogers, General Manager of Geodrill, a mining drilling company operating in Egypt. The company officials praised the significant and rapid developments they have witnessed in the recent period in the mining sector and the investment climate in Egypt. They also emphasized that the potential of the mining sector and the advanced infrastructure make Egypt one of the preferred investment destinations in Africa for global mining investors.Next

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