The clean energy revolution is sparking the biggest economic shift since the Industrial Revolution. Fueled by the insatiable demand for minerals needed to build electric vehicles and clean technologies, governments are scrambling to incentivize investments and fast-track the development of critical metal projects. In light of this, the Egypt Mining Forum (EMF) brought together policy makers; top government officials; commodity experts; thought leaders; financial institutions; and investors in order to view key industry trends.

Transforming Treasures: Driving Egypt’s Mining Modernization

At the EMF, Minister of Petroleum and Mineral Resources Karim Badawi championed the Egyptian mining sector’s potential, fueled by the ongoing economic reforms. Badawi outlined key initiatives to unlock this potential, including partnerships with various ministries. These collaborations aim to streamline regulations and create a more attractive environment for investors, expediting decision-making and investment processes in the mining sector.

“The mining sector is a sector which is very important not only to Egypt, but to the rest of the world. The mining sector plays a key role in providing key critical elements which are the heart of all the key industries which actually enable us to live a better world, and which also help us in the energy transition for a sustainable future for all,” Badawi said.

This comes as different ministries are working hand in hand to ensure the sustainability of the mining sector and ensure that it meets climate action goals. “We all speak the same language; we all have the same objective. I am very optimistic about working with my colleagues and the Cabinet and I am sure that there is a lot we can do together,” Minister of Finance Ahmed Kouchouk stated during the Ministerial Panel titled ‘Diversifying the Economy Through Egypt’s Untapped Mineral Wealth’ at Egypt Mining Forum 2024.

Meanwhile, the Minister of Environment explained during the ministerial panel that “COP 27 was a real solid evident example of how environment and climate is mainstream for all sectors.” Accordingly, as the world walks towards an energy transition, the mining sector will play a great role. “The energy transition is the biggest challenge not only for this part of the world. But this part of the world can be part of the solution for energy transition,” Heike Harmgart, Managing Director of Southern and Eastern Med at the European Bank for Reconstruction and Development (EBRD) explained.

Therefore, Egypt is working on modernizing its mining sector. A part of the mining sector’s modernization program is going digital. “We are working to launch a digital mining platform that will provide transparent data to support our plans for boosting mining investment, increasing its returns, and making it a major contributor to the national economy,” Badawi stated during the ministerial panel. Moreover, Tõnno Vähk, CEO of Aton Resources Incorporation stated during a panel titled ‘The Arabian-Nubian Shield as the Next Big Exploration Target’ that “Egypt is really trying hard for the next 4-5 years to modernize the mining sector. There are just a few steps to be done to really open up and we are all expecting this to happen soon.”

This comes as a groundbreaking investment portal is on the horizon, designed to revolutionize the sector alongside a revamped, modern mining code. This isn’t just a website; it’s an ambitious move to transform Egypt into an investor haven. Imagine: a one-stop shop connecting stakeholders, streamlining processes, and unlocking a wealth of investment opportunities. Therefore, the EMF had a whole panel entitled ‘Modernizing Egypt’s Mining Sector through the Investment Portal’. During the panel, Charles Young, Project Director at Spatial Dimension; and Ahmed Saad, General Manager of Investment and Planning Mining Sector at the Ministry of Petroleum and Mineral Resources tackled how the digital platform will not only propel the mining sector’s growth but also become a beacon of transparency and accessibility for investors. The panel also discussed how the platform will unlock a new era of opportunity in Egypt’s mining industry. Additionally, at the bigenning of the panel, Young delivered a presentation and played a video featuring the website’s structure and navigation method.

A Multi-Faceted Approach: Integrating Junior Miners, Formalizing Artisanal Mining in Egypt

The EMF featured several panels in which speakers highlighted the importance of encouraging and embracing all types of mining into the Egyptian mining sector. In a panel entitled ‘Positioning the Arabian-Nubian Shield as the Next Big Exploration Target,’ Mike Silver, CEO & Co-Founder of Lotus Gold Corporation said that “it is very important that Junior exploration companies are treated as the same horizon or with the same outcome as Senior miners.” Meanwhile, Badawi highlighted the importance of the junior miners referring to them as the explorers. Additionally, in the panel entitled ‘Establishing an Attractive Junior Mining Investor Landscape,’ Raadiyah Emam, Head of Investor Relations at ANKH Resources explained that “junior mining companies are extremely important for the long-term sustainability of the whole mining industry,” adding that “junior mining companies account for global exploration.”

The forum further featured discussions on artisanal and small-scale mining (ASM) and the importance of integrating these types of mining into the formal economy. The panel entitled “Formalizing Artisanal and Small-Scale Mining” highlighted that ASM employs a significant number of miners essential for the industry’s growth. However, ASM activities can sometimes be illegal, involving issues such as child labor and environmental disregard. Therefore, formalizing this type of mining is crucial for the industry’s future. The panel explored strategies to encourage ASM miners to become formalized. Sherif El Shahawy, Chairman of Shalateen Mineral Resource Company, noted that ASM miners could be motivated to work under the supervision of technical teams from formal companies and offered incentives to benefit from the formal economy.

The event did not just stick to the mentioned topic, but the forum featured panels reviewing the financing of the mining industry; tapping the Eastern Desert resources; and attracting Gen Z and women to be players in the mining sector’s development.

The EMF 2024 served as a springboard for a modernized future of the nation’s mining sector. Fueled by the global demand for minerals in the clean energy revolution, Egypt is poised to capitalize on its vast potential. The forum highlighted a multi-pronged approach to this modernization. Collaboration between government ministries fosters a streamlined and sustainable mining environment, aligning with Egypt’s climate goals.