Major South African Investor Eyes Egypt’s Gold Mining Industry

Major South African Investor Eyes Egypt’s Gold Mining Industry

Minister of Petroleum and Mineral Resources Tarek El Molla met with Peter Steenkamp, ​​the Chairman of South Africa’s largest mining company, Harmony Gold, to discuss the investment opportunities available in the field of mining and the search for gold, in light of the strong desire of the company to invest in Egypt.

During the meeting, El Molla reviewed the amendments that were made to the Mineral Wealth Law, which created an attractive investment climate in the field of mining. The minister further talked of the positive results achieved by the last bid to search for gold and minerals, which succeeded in attracting the attention of major international mining companies, noting that the mining sector development strategy aims to achieve added value from Egypt’s mineral wealth through the exploitation of raw materials in manufacturing industries with greater economic returns.

El Molla stated that the last bid that was put forward to search for gold achieved great success despite the challenges imposed by the corona pandemic, noting that Egypt has integrated infrastructure, logistical facilities, ports, and airports, which provide an excellent working environment for international companies working in the field of mining.

Harmony Gold Company is seeking to expand its business portfolio outside South Africa and Australia and is willing to invest in the field of searching for gold in Egypt, Steenkamp said, praising what he saw on the ground of a major transformation in the field of mining in Egypt in light of the attractive investment climate provided by the recent amendments to the Mineral Resources Law.

Sarah Samir 3055 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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