By: AGBI

Egypt has introduced a new incentive scheme and officially launched its delayed mining portal in a bid to attract foreign investment to the sector. According to Minister of Petroleum and Mineral Resources Karim Badawi, the reforms are intended to draw emerging and mid-sized miners to explore the nation's largely untapped mineral wealth. Key incentives include reduced annual fees, tax and customs exemptions for exploration equipment, and a simplified licensing system that permits multiple minerals under a single operating license. The government is also introducing fast-track reconnaissance permits to lower initial costs for startups.

The measures were announced at the "Explore in Egypt" meeting in Perth, where more than 30 Australian companies reportedly expressed investment interest. Minister Badawi stated that the overarching goal is to position Egypt as one of the leading mining destinations in Africa and the Middle East. This initiative includes plans for a nationwide aerial survey to identify promising areas, particularly for minerals critical to renewable energy. The long-term objective is to significantly increase mining's contribution to Egypt's GDP, raising it from 1 percent to between 5 and 6 percent over the next decade.