Minister of Petroleum and Mineral Resources Tarek El Molla participated in the 8th Consultative Meeting of Arab Ministers for Mineral Resources, during which he highlighted the development strategy of Egypt’s mining sector, according to a press release.
The meeting was convened on the sidelines of the Future Minerals Forum (FMF) in Riyadh, in the presence of Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei, Director General of the Arab Industrial Development and Mining Organization (AIDMO) Adel Al-Sager and a group of Arab ministers of industry, oil, and mining.
In his speech, El Molla stressed that Egypt has been implementing an ambitious program to develop its mining industry based on Egypt’s Vision 2030. He further explained that the program succeeded in pushing, through comprehensive reforms, to advance the Egyptian mining system after considering all local and international challenges.
Furthermore, El Molla showcased some of the key measures taken by the ministry in this regard, on top of which came the amendment of the mining law that provided transparency and flexibility. These amendments played an important role in attracting more investments to the sector. In addition, the minister referred to the new agreement system, saying that it has been changed from production sharing to the rent, royalty, and tax system.
In 2020, the mining sector reaped the fruits of these reforms, El Molla said, pointing to the success of the first international bid, which attracted unprecedented global and local participation in the field of gold mining in the Eastern Desert and the Red Sea. Most importantly, he announced that Egypt is on track to establish its first accredited gold refinery.