Cypriot mining company Fawakheir Mines Complex (FMC), formerly known as SMW Gold Limited, plans to invest nearly $20 million over the next two to three years as it resumes operations in Egypt, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

This came through a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and FMC Executive Chairman Philipp Hiendl to discuss the company’s plans to resume gold and mineral exploration activities in the Eastern Desert.

Hiendl said FMC is studying new opportunities in Egypt’s recently launched open mining areas, reflecting the company’s confidence in the promising mining potential in Egypt and the future of the sector.

During the meeting, Badawi emphasized that Egypt prioritizes the mining sector as one of the promising sectors capable of achieving added value for the economy.

He said the MoPMR is implementing a comprehensive reform program to modernize the sector and establish a competitive investment environment aligned with international best practices.

The minister highlighted the transformation of the Egyptian Mineral Resources and Mining Industries Authority (MRMIA) into an economic authority as a major step toward improving operational efficiency and delivering faster, more flexible services to investors.

He added that the ministry has introduced a one-stop-shop system to simplify investment procedures and aims to reduce the time required to obtain approvals and mining licenses to around 75 days, helping accelerate project implementation.

Badawi also reviewed Egypt’s newly launched open mining areas platform, which allows investors to browse available mining opportunities and submit applications electronically through a transparent process with clearly defined procedures and timelines.

For his part, Hiendl praised the support provided by the ministry and the Egyptian Mineral Resources and Mining Industries Authority, saying the government’s mining reforms encouraged FMC to take concrete steps toward resuming operations and expanding its investments in Egypt.

FMC entered Egypt’s mining sector in 2006 after securing exploration rights for Al Fawakheir and Umm Balad gold concessions in the Eastern Desert. The project stalled due to funding and operational disagreements. Following a corporate acquisition, the company rebranded as FMC to relaunch its exploration efforts under Egypt’s updated, business-friendly mining laws.