The New Valley Company for Mineral Resources and Oil Clay (Wadico) has held its general assembly meeting to approve the results of the work for the year 2023.

During the meeting, Minister of Petroleum and Mineral Resources Tarek El Molla commended all employees of the company for their achievements and encouraged them to persist in their efforts to attain greater progress and development.

Wadico’s Chairman Amgad Ghoniem presented its most prominent achievements and activities during the year 2023, and that it was able to achieve the entire marketing plan for the year, as the total activity revenues amounted to EGP 712 million, with a total profit amounting to EGP 433 million.
Meanwhile, the net profit amounted to EGP 341 million, it drilled 700 exploratory wells in an area of ​​7 square kilometers, which resulted in the confirmation of a mining reserve of 2.5 million tons with an average concentration of 24%-30%, and that area for extracting phosphate ore for an amount of 900,000 tons were offered.

Additionally, 700,000 tons of coarse phosphate raw materials and 490,000 fine raw materials were produced, and 580,000 fine raw materials were sold. The company also produced and marketed 155,000 tons of sandy kaolin raw materials.

Ghoniem highlighted the achievement of 500,000 hours without wasted time during the year and about social responsibility. Ghoniem further pointed to Wadico’s participation in the development of the village of Naga al-Arab – Luxor, which was opened in January 2024.

Ghoniem noted that during the year 2024, Wadico is implementing a business plan based on several axes to develop and sustain the business through expanding operations (exploration – extraction – production), increasing Wadico’s share of the Egyptian market, and business development.