The Mineral Resources & Mining Industries Authority (MRMIA) and Genesis Mining Egypt signed an MoU to develop a $930 million integrated phosphate mining and industrial project in Egypt’s New Valley Governorate.

MRMIA Chairman Yasser Ramadan and Genesis Mining Egypt CEO Hossam El Reedy signed the MoU in the presence of Petroleum Minister Karim Badawi.

Badawi said the project targets phosphate mining capacity of up to 20 million tons annually and beneficiation facilities producing up to 4 million tons of phosphate concentrate per year.

Genesis Mining Egypt intends to invest around $930 million. The development plan targets phosphate mining capacity of up to 20 million tons annually, with beneficiation facilities producing up to 4 million tons of phosphate concentrate per year.

The company is also evaluating an industrial complex to produce up to 500,000 tons per year of phosphoric acid and roughly 500,000 tons per year of fertilizers and phosphate-based products, serving the domestic market while expanding Egypt’s export capacity. This adds to the project’s large-scale development plan.

The project includes exploration and geological activities, with around 2.5 million meters of drilling to build a comprehensive geological database, update reserve estimates, and secure resources for future industrial operations.

Genesis Mining Egypt will finance the project. Initial work will begin with MRMIA and will include geological studies, exploration activities, ore beneficiation testing, and evaluation of the most suitable industrial development options.

The signing ceremony was also attended by Mahmoud Nagi, Head of the Central Administration supervising Safety, Environment, Energy Efficiency and Climate Affairs and Official Spokesperson for the Ministry; Mohamed El-Bajouri, Head of the Ministry’s Central Administration for Legal Affairs; and Mohamed Ismail, Chairman of Cargas and Board Member of the Mineral Resources & Mining Industries Authority.

Genesis Mining Egypt is an Egyptian industrial mineral exploration and processing company headquartered in Egypt. Founded in 2024 as a sister company to Mecca Al Baraka Contracting, it provides end-to-end mineral services to support downstream global industries.

Egypt aims to capitalize on its 2.8 billion tons of phosphate reserves, the world’s third largest, with major deposits in the Red Sea and New Valley regions, including 1 billion tons at Abu Tartour.