Egypt targets USD 700 mn of new investments in mining sector by 2030
The government wants to reel in USD 700 mn of new investments into the mining sector by 2030 and increase the sector’s contribution to GDP to USD 7 bn, the Oil Ministry said in a statement (pdf). The sector contributes 0.5% of GDP currently, the ministry said.
The Mineral Resources Act amendments, which were approved by parliament earlier this week, will be key to attracting more investment. The new amendments would introduce additional incentives for companies to invest in the mining sector. They would allow for the expansion of concession areas, granting a new authority the power to issue licenses for areas of unlimited size, and companies would be able to renew their licenses for more than one term. Separate contracts would be used for exploration and excavation areas, and royalties will be capped at 20% of the value of annual production. You can read more details about the amendments here.