The Australian mining company, Velox Energy Materials, is looking to enter the Egyptian market and targets mining areas located within the Arabian-Nubian Shield, as it explores new investment opportunities in the sector, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

The plans were discussed during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and Velox Energy Materials CEO Nicole Morecombe in New Alamein, attended by Khaled Mortagy, Managing Partner and Chairman of Capital Limited, and Vincent Algar, a Velox board member. While no formal kind of cooperation has been announced, Mortagy’s involvement suggests a collaborative relationship between  Capital Limited and Velox as it pursues Egyptian mining concessions

Badawi highlighted the government’s efforts to improve Egypt’s mining investment climate, expand private-sector participation, and attract foreign investors. He noted that the MoPMR is developing transparent mechanisms to offer mining areas and provide investors with the information needed to pursue opportunities.

He also stressed the importance of attracting international companies with technical expertise and advanced technologies to boost exploration, production, and value addition in Egypt’s mining sector.

For her part, Morecombe outlined Velox Energy Materials’ experience and its network of investors and entrepreneurs in the mining industry, particularly in Australia and Canada.

She expressed strong interest in Egypt’s mining opportunities, adding that  “Velox’s geological team sees promising potential in the available areas, encouraging the company to take practical steps toward entering the Egyptian mining market.”

The meeting is a part of the Ministry’s efforts to broaden the investor base in Egypt’s mining sector and attract companies with technical expertise and financial capabilities, supporting the sector’s competitiveness and transforming the country’s mineral resources into economic value.

Velox Energy Materials is an Australian-listed energy materials and mining company focused on minerals and technologies supporting the global energy transition. Its main projects include the Australia-based North Queensland Vanadium Project  and the Kotai Hydrogen Project, which is developing technology for hydrogen storage and transport.