Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi mulled over Cyprus-based mining company FMC’s plans to resume its gold and mineral exploration activities in Egypt's Eastern Desert, according to a statement.

The company intends to implement a $20 million investment program over the next two to three years in light of the positive developments and ongoing reforms witnessed by the Egyptian mining sector.

FMC is exploring new investment opportunities in open mining areas, reflecting its confidence in Egypt's untapped mineral potential.

During the meeting, Badawi welcomed the company's return to the Egyptian market, stressing that the mining sector remains one of the government's priority sectors due to its contribution to economic growth.

This comes within the ministry’s strategy to boost mining investments and attract companies to operate in Egypt by stimulating the investment climate in line with international standards.

He noted that transforming the Egyptian Mineral Resources Authority (EMRA) into an economic authority, embodied in the Mineral Resources and Mining Industries Authority (MRMIA), helped enhance performance efficiency and ensure more flexible and faster services.

Moreover, the government introduced a one-stop-shop system to streamline licensing and approval procedures, aiming to reduce the period for mining permits to 75 days, which will advance project implementation and lower administrative burdens on investors.

The minister also reviewed the recently launched Open Blocks System that allows investors to access available mining opportunities, submit applications electronically, and track procedures through a transparent and smooth process.