On the sidelines of the Energy Intelligence Forum in London, Karim Badawi, Minister of Petroleum and Mineral Resources, met with several international mining companies and financial institutions to explore opportunities for cooperation and foster new partnerships that would boost investment in Egypt.
Badawi met with a delegation from the European Bank for Reconstruction and Development (EBRD), which included Natalia Lacorzana, Head of Natural Resources, and Gianpiero Nacci, Managing Director of Climate Strategy and Delivery. The discussions focused on expanding the partnership between Egypt’s petroleum sector and EBRD to include cooperation in mining. They also reviewed the ongoing reforms aimed at creating an attractive investment climate through upgraded legislative and regulatory frameworks. The meeting also touched upon the aerial and geophysical survey project for mineral exploration, which the Ministry is preparing to launch.
Furthermore, the two sides discussed strengthening technical cooperation in energy efficiency, decarbonization, and sustainable aviation fuel (SAF) projects, as well as in electric vehicles and methane emission reduction.
Badawi also met with Tonno Vahk, CEO of the Canadian Aton Resources, and Sherif Barakat, the company’s General Manager in Egypt, to review the company’s plan for its Abu Marawat concession in the Eastern Desert. This plan aims to achieve the first commercial gold production in the second half of 2026.
In another meeting with Maximo Pacheco, Chairman of Chile’s National Copper Company (CODELCO), Badawi discussed potential areas of cooperation. He highlighted the reforms in Egypt’s mining sector and its openness to international partnerships, inviting the Chilean company to explore investment opportunities in copper mining in Egypt’s Eastern Desert. They agreed to send a technical team from CODELCO to Egypt to discuss possible areas of cooperation with the Mineral Resources and Mining Industries Authority.
It is worth mentioning that Egypt aims to increase the mining sector’s contribution to 6% of GDP, making it a key pillar of economic growth. However, one of the main challenges in the sector is the complex regulations and lengthy licensing procedures that deter foreign investment. To address this issue, the Parliament approved an amendments to Law No. 198 of 2014, transforming the mining authority into an independent economic entity. The decision is expected to enhance the entity’s ability to lead the mining sector with greater efficiency. It also grants it broader powers to develop sector strategies, regulate mineral exploration and exploitation operations, localize mining, and promote transparency and attract investments.
Apart from the meetings, Badawi participated as a keynote speaker at one of the forum’s panel discussions, during which he highlighted the incentives implemented by the ministry within a comprehensive reform program in the oil and gas sector.
The Minister pointed out that major international oil companies (IOCs), including Eni, Shell, Apache, and Arcius Energy, have announced ambitious plans for Egypt with substantial investments to accelerate exploration and production activities. He also noted that ExxonMobil is intensifying its efforts in the Western Mediterranean.
Badawi added that Egypt is working to enhance its position as a regional hub for energy trade and exchange across all sources, highlighting the partnership with Cyprus to establish two gas pipelines connecting Cyprus’s fields to Egypt’s liquefaction facilities. He added that Egypt is advancing projects for electrical interconnection, renewable energy, and investments in green hydrogen and ammonia, laying the foundation for its future role as a cornerstone in launching a green energy corridor between Africa and Europe.
