Arab Finance: The Mineral Resources and Mining Industries Authority (MRMIA) signed a memorandum of understanding (MoU) with Genesis Mining to develop an integrated mining and industrial project for the exploitation of phosphate ore in New Valley Governorate, according to a statement.

Minister of Petroleum and Mineral Resources Karim Badawi said the MoU aligns with the government's objectives to develop Egypt’s mining sector and increase its contribution to the national gross domestic product (GDP).

Under the preliminary investment plan and initial feasibility studies, Genesis intends to invest approximately $930 million in the project through phases.

The long-term plan includes expanding mining operations to achieve an annual production capacity of up to 20 million tons of phosphate ore, alongside the establishment of processing and beneficiation facilities capable of producing 4 million tons of phosphate concentrate annually.

Furthermore, the company is considering building an industrial complex to produce up to 500,000 tons annually of phosphoric acid and around 500,000 tons of fertilizers and phosphate products. The project is expected to support domestic demand while strengthening Egypt's export capacity for value-added mining products.

It includes a comprehensive exploration and geological program, involving drilling 2.5 million linear meters, to create an accurate database, update inventory estimates, and secure sufficient reserves to maintain long-term production at the industrial complex.

Genesis will finance the project using its operational capabilities and mining equipment fleet, in partnership with specialized engineering consultants and technology providers.

In June, MRMIA and Movingfert penned an MoU to evaluate an integrated mining and industrial project for the exploration and exploitation of phosphate ore in the Abu Tartour area of New Valley.

Last April, Indorama and Misr Phosphate signed an agreement to establish a new phosphate fertilizer plant in the Suez Canal Economic Zone (SCZONE).

China-based Xingfa Group also plans to invest $2 billion in an integrated project for exploring, extracting, and producing various high-quality phosphate products in Egypt.