Wed July 16/2025 – 03:29 PM
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, witnessed the first dialogue session within the activities of the second day of the Egypt Mining Forum, which dealt with the new amendment to the metal wealth law by converting the Mineral Resources Authority into an economic entity.
Egypt Mining Forum .. The Minister of Petroleum is witnessing a session to convert the metal wealth body into an economic entity
The session was moderated by Dr. Muhammad Al -Bagouri, Head of the Central Administration for Legal Affairs at the Ministry of Petroleum, in which Representative Mohamed El -Sulaab, Chairman of the Industry Committee in the House of Representatives, and MP Mohamed Ismail, member of the Constitutional and Legislative Affairs Committee and the provider of the draft law, and engineer Hoda Mansour, Managing Director of Diabetes Gold, represented by Anglo Gold Ashanti International.
During his speech, Representative Mohamed Ismail saluted the Minister of Petroleum and Mineral Resources, Eng. Karim Badawi, praising his role in the speed of the law’s exit of light, after years of discussions and the idea was presented to no avail, stressing that the political will that the minister had contributed to the issuance of the law.
He added that the law came as a result of a legislative evaluation of the impact of the amendment of the law in 2014, which did not achieve the desired return on the mining contribution to the local product.
He explained that the administrative distortions suffered by the Mineral Resources Authority were one of the most prominent challenges, which necessitated the necessity of converting them into an economic entity that can update mining work, establish economic partnerships, update and provide geological data necessary to attract investments.
He explained that the new law gives the authority greater flexibility in developing a national strategy for mining industries in cooperation with the relevant authorities, and allows it to enter as a strategic partner with the private sector, in a manner that reduces risks to investors and increases the attractiveness of the investment climate, and also allows the authority to invest in updating geological databases through satellite imaging and modern surveys, in order to enhance the authority’s ability to provide promising metering opportunities for investors Local and foreigners.
Ismail pointed out that one of the most prominent advantages of the law is to unify the state to grant permits and approvals, through the representation of various government agencies in the new board of directors, in a way that contributes to accelerating the implementation of mining projects.
For his part, Representative Muhammad Al -Sallab stressed that the Minister’s support for this law, despite his failure to submit by the ministry, represents an unprecedented positive gesture that reflects his belief in the importance of achieving reform on the ground without looking at me, and stressed the importance of the law in giving the opportunity to enter into investment partnerships and projects for local manufacturing for materials to maximize the economic return and added value of mineral wealth instead of exporting them abroad Moussa, noting that, within three years, the sector is able to raise its contribution to GDP to 5%, and perhaps 10%.
Representative Muhammad Al -Sallab also affirmed the commitment of the Council and its deputies to study the agreements related to mining projects as soon as possible, in a way that contributes to facilitating the investment environment and achieving a quick return for the state.
He pointed to the importance of updating databases and geological and economic information related to mining wealth, stressing that the availability of accurate numbers and technical indicators supports the speed of investment decision -making, especially in the industrial projects related to mining to convert mining raw materials into products of high economic value.
Engineer Hoda Mansour, Managing Director of Diabetes for Gold Mines and Anglo Gold Ashanti, confirmed that the conversion of the Mineral Resources Authority into an economic entity represents a real message of confidence for investors, noting that the choice of “Anglo Gold” to invest in assets inside Egypt came after careful study with African and Latin American countries, and a vision to get to know closely to the positive thought adopted by the state in dealing With investment, which prompted the company, which is the fourth in the world in its field to make its final decision to invest for the first time in Egypt last year.
She explained that the visit of the Prime Minister of the Prime Minister to the Diabetes mine represents a strong message of support and clearly reflects the positive investment thought of the state, praising the interaction of the Minister of Petroleum and Mineral Resources with the investors, which reflects the existence of a real political will and the cooperation of a common desire between all parties to develop this sector.
She added that the new exploitation contract signed with “Angelo Gold Ashanti” is the first of its kind in and based on the latest international laws and standards in the field of mining, which opens wide horizons to attract more investments during the coming period to Egypt from major mining companies, stressing that the state and parliament’s commitment to end the legislative measures to the agreement of gold exploitation with the company at the time specified in advance is a very positive matter and a positive message For the investor.
