Saudi MA'ADEN eager to invest in Egyptian mining industry: El-Molla
Updated 1/11/2023 11:55:00 AM
Arab Finance: MA'ADEN, a Saudi state-owned mining company, is interested in investing in the Egyptian mining sector, Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business in an interview on January 11th.
Representatives from the Riyadh-based company will visit Egypt within 10 days to explore the available opportunities for investment in the sector, El-Molla added.
The mining sector accounts for less than 0.5% of Egypt’s gross domestic product (GDP), the minister said, noting that the government seeks to boost its contribution to 5% by 2030.
The petroleum ministry is looking forward to attracting annual investment of $1 billion into the sector of gold prospecting, he revealed.
Gold production from the Sukari Gold Mine (SGM) amounts to 15,000 tons a year, he noted, adding that Egypt is working with Centamin to expand in gold prospecting.
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