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AMN - Egypt includes mining in development strategy – comment by Yolanda Torrisi

Yol headshot May 2011

Egypt has included mining in its 2030 strategy for future sustainable development. The government aims to increase the mining sector’s contribution to Gross Domestic Product and the country's economic and social development plans.

In revealing plans to develop the sector to optimise Egypt’s benefit from mineral wealth, the Petroleum and Mining Minister Tarek el Molla noted that the current contribution of mining activities to the GDP does not level up to the tremendous mining capabilities the country is abundant with.

The first step in this process involves engaging Wood Mackenzie to study the country’s mining sector and lay out an appropriate development strategy by August this year.

Wood Mackenzie is a global energy, chemicals, renewables, metals and mining research and consultancy group with an international reputation for supplying comprehensive data, written analysis and consultancy advice.

The Minister’s remarks came during the signing of a contract between Wood Mackenzie and Egypt’s Enppi company, which will offer logistic and technical support for the consultancy group.

The Minister said the new strategy would include setting up mining industries and developing areas surrounding mining activities.

Aton Resources is among the mining companies active in Egypt that have welcomed the government’s initiative to develop the sector to optimise the benefits to be derived from its mineral resources.

“With the Egyptian government’s economic reforms and growth strategy steadily progressing, the development of Egypt’s mineral resources can be a cornerstone in the country’s economic growth,” said Aton’s president and CEO Mark Campbell.

“Any move to make mining in Egypt attractive for all stakeholders and to boost investment into this important sector, will benefit both Egypt and its people,” he said.

Canadian-based Aton is focused on its 100%-owned Abu Marawat Concession in Egypt’s Arabian-Nubian Shield, about 200km north of Centamin’s Sukari gold mine. The company has identified a 40km-long gold mineralised trend at Abu Marawat, anchored by the Hamama deposit in the west and the Abu Marawat deposit in the east, containing numerous gold exploration targets, including three historic British mines.

Abu Marawat is over 738 square kilometres in size and is in an area of excellent infrastructure with a four-lane highway, a 220kV power line, and a water pipeline in close proximity.

Yolanda Torrisi is Chairperson of The African Mining Network and comments on African mining issues and the growing global interest in the continent. Contact:yolanda@yolandatorrisi.com