MINING-

The Shalateen Mining Company will relaunch its gold exploration bid in the first half of 2025 after the offers for its four-times extended tender that came to a close in November did not meet the required criteria, an Egyptian Mineral Resources Authority (EMRA) official told Al Borsa. According to the official, the requirements entail that the company should have at least ten years of experience in mining exploration and exploitation, a work team with over 100 cumulative years of experience in the field, and at least 10 mn ounces of existing gold reserves.

ENERGY-

#1- Sidi Kerir Petrochemicals is planning build a 14 MW hydrogen-fueled power plant with a capacity of 14 MW, with the company currently in negotiations with local firm Korra Energi to build the facility with investments of USD 16 mn, Al Arabiya reports, citing two unnamed sources. The new plant will utilize the hydrogen produced as a byproduct of Sidpec’s existing operations, with implementation set to kick off by the end of 2025.

#2- Austria’s Petrochemicals Holding Company and Czechia-based Draslovka will develop a USD 160 mn sodium cyanide production plant within Sidi Kerir’s factory complex in Alexandria under a special freezones system, an unnamed source told Al Arabiya. The two companies inked a 25-year land lease agreement for the project — dubbed Draschem for Specialized Chemicals.

Sidi Kerir wants in and is negotiating with the two companies that take up a 15% share of the project at a cost of up to USD 24 mn, according to the source.

Sound smart: Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.

The news clears up some confusion we had, as we originally thought that the two European companies’ project that came to light in April was a separate project from Sidi Kerir’s, which got the cabinet greenlight in October. Instead the project seems to be a JV between the three parties, with each party’s share yet to be determined.

DEBT-

Travco subsidiary Jaz Hotel Group is looking to secure EGP 1.8 bn in low-interest financing from the government to accelerate the launch of four new hotels in 2025, Al Arabiya reports, citing unnamed sources. The hotels — which will add 1.2k rooms in Cairo, Marsa Matrouh, and Marsa Alam — are part of a EGP 3 bn investment plan.

Remember: To encourage investors to build more hotels and reach the targets set, the finance and tourism ministries last month launched a new EGP 50 bn subsidized loan program for the tourism sector, offering financing at 12% interest.

EXPANSION-

Egyptian companies plan to invest up to USD 200 mn in four industrial projects in Morocco in 2025, Egyptian-Moroccan Business Council head Nezar Abou Ismail told Asharq Business. The projects will focus on key sectors, including food, beverages, industrial zones, and oil and gas. Agreements for two or three of these projects are expected during 1Q 2025.

Tags: