Recapping day one of the Egypt Mining Forum: Yesterday was day one of the Egypt MiningForum, where local and global mining heavyweights came together to explore potential investments in the sector. Here’s everything that went down during the first day of the two-day event:

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

AGREEMENTS AND REGIONAL COOPERATION-

#1- USD 658 mn phosphoric acid production plant moves forward: A consortium of local state-owned players and two Chinese state-owned contracting firms signed the final agreements and contracts for the USD 658 mn phosphoric acid production complex at the Abu Tartour plateau in New Valley governorate. The signing took place on the sidelines of the forum, between an Egyptian consortium — which included Abu Tartour for Phosphoric Acid, Abu Qir Fertilizers, East Gas, Mineral Resources Authority, Phosphate Misr, Petrojet, and Enppi — and a Chinese consortium, which consisted of China State Construction Engineering Corporation (CSCEC) and East China Engineering Science and Technology Company (ECEC).

REMEMBER- The two consortiums inked an agreement in June to build the facility, which will produce 250k tons of high-concentration commercial phosphoric acid annually in its first phase using phosphate ore extracted from the Abu Tartour mines. Most of the output is expected to go toward fertilizer production.

AND ANOTHER ONE? Elsewedy Electric is mulling plans to build a phosphoric acid plant in Egypt poised for export purposes, CEO Ahmed Elsewedy told Asharq Business on the sidelines of an event in Cairo. The firm aims to conduct feasibility studies and assess phosphate reserves in the Sibaiyyah area in Aswan in the upcoming period. The investment ticket of the plant and the markets destined for exports have not been disclosed.

#2- Two new gold exploration agreements: The Oil Ministry signed two new agreements on the sidelines of the forum; a license agreement for the exploration of gold and associated minerals with Centamin and an initial framework agreement with global mining major Barrick Gold.

#3- Exchanging data with Jordan: The Oil Ministry has signed a cooperation agreement with Jordan to exchange geological data and explore shared mineral-rich formations, Jordanian Energy and Mineral Resources Minister Saleh Al Kharabsheh said during the forum. He emphasized the importance of regional collaboration to fully tap into cross-border resources, and hinted at a potential for deeper integration across the region’s mining sectors.

THE NEXT STAGE OF MINING REFORM-

Four pillars defining the national mining agenda: Oil Minister Karim Badawi said that Egypt’s mining development strategy now hinges on four pillars; skilled geological talent, strong infrastructure, an attractive financial framework, and sufficient energy supplies. He added that the next stage includes launching nationwide geological surveys, reassessing and reprocessing existing datasets, and expanding sampling and lab analysis activities — all of which will be made available to investors.

ICYMI- The government is looking to raise the mining sector’s share of GDP to 5-6% from less than 1% currently. To realize this goal, General Authority for Investment and Freezones Head Hossam Heiba said the plan includes expanding value chains for mineral-based industries, as well as providing better access to logistics services like shipping, storage, and supply chain management.

CATCHING UP WITH SHALATEEN-

State-owned Shalateen Mineral Resource has increased its gold production this year by 30% y-o-y, Chairman Hany Mostafa told Al Arabiya on the sidelines of the forum. The company has also launched geological studies at a new site in Marsa Alam. The three-year exploration program is expected to cost EGP 90-100 mn, according to Mostafa

New updates on the Aswan mining complex: Mostafa said that the industrial mining complexin Aswan is expected to add 1.2-1.5 tons of gold to the country’s reserves once it’s completed. Construction works on the complex — which spans 1.4k feddans — have reached “about 60-70%,” according to Mostafa, who confirmed its completion “by the end of the year.”

An international tender in the works: Mostafa also said that Shalateen is “currently preparing an international tender, in cooperation with Egyptian Mineral Resources Authority (EMRA) and the Oil Ministry,” without disclosing the timing.

REMEMBER-Unconfirmed reports out in January claimed the 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.

Tags: