Cypriot mining company Fawakheir Mines Complex (FMC) is cooperating with the Egyptian government to establish a Center of Excellence to support education and training in the country’s mining sector, the company’s Executive Chairman, Philipp Hiendl said during his interview with the Petroleum Ministry’s podcast, PetroCast.

He added that FMC will proceed with its exploration activities, noting that it seeks to increase its investments in Egypt by acquiring additional assets.

Hiendl praised the support and attractive climate provided by Egypt to the investors, especially facilitating the processes and procedures.

Recently, FMC, formerly known as SMW Gold Limited, announced that it will invest nearly $20 million over the next two to three years as it resumes its operations in Egypt.

FMC began operating in Egypt in 2006 after acquiring exploration rights for the Al Fawakheir and Umm Balad gold concessions in the Eastern Desert. After the project was halted by financial and operational challenges, the company was acquired and rebranded, allowing it to relaunch exploration activities under Egypt’s updated mining legislation.

Egypt and Cyprus have been strengthening their economic cooperation, especially in the energy sector, over the past two years through a series of agreements to advance the development of Eastern Mediterranean gas resources and enhance regional energy security. The two countries have also expanded collaboration in the mining sector, focusing on investment opportunities and knowledge exchange.