Dr. Amr Taima, Head of the Egyptian Mineral Resources Authority (EMRA), revealed to Al-Ahram that his authority had presented a comprehensive plan of action to the Minister of Petroleum and Mineral Resources, Tarek El Molla.
It is expected that El Molla will endorse the plan this week. If approved this will generate extra revenues for Egypt, roughly EGP 1b annually, Taima said.
The plan also includes the issuing of an exploration tender, for 8 metallic substances in 9 blocks in the Eastern Desert and South Sinai. Taima explained that this tender will lead to a quantum leap in Egypt’s energy production as tar sands will be used for the first time ever in the country’s history, for cement factories, along with the establishment of small urban hamlets at extraction points.
The plan encompasses issuing 94 new licenses, out of 3,000 licenses the mineral’s authority is planning to issue, and utilizes 15 metals.
Tiama also expected that the new mining law itself, if approved, would generate revenues from licensing fees and from company profits over the coming period to the tune of EGP 10b. 1.5b alone will come through EMRA with the remainder going to the quarries located in the provinces, which EMRA only supervises at the technical level.