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Minister of Petroleum: Amend some articles of the law of mineral wealth to achieve appropriate returns

Minister of Petroleum and Mineral Resources Tariq Al-Mulla said during his meeting with members of the American Chamber of Commerce in Egypt committee for Mineral Exploration and Development of the American Chamber of Commerce that the ministry is continuing to implement its vision to develop and develop the mining sector in Egypt.

He pointed to the amendment procedures for some articles of the mineral wealth law and its executive regulations currently, in order to achieve balance and achieve appropriate returns for the state and the investor and to contribute to achieve sustainable development that is consistent with the vision of Egypt 2030, and work on the establishment of mining projects to achieve value added and attract investments, Mining sector in GDP

During the meeting, Mulla reviewed the rich areas of Egypt with their wealth of mining materials of high economic value, especially in the areas of the Nubian Shield,the Eastern Desert and Sinai, which are rich in resources that have not been exploited optimally and possess reserves of mineral ore in large quantities.

He also stressed the ministry’s interest in encouraging foreign and local investments and attracting large numbers of companies in this field. The success stories achieved in the field of exploitation of phosphate ore, both in extraction,production and marketing, were also reviewed to maximize revenues and increase production to cover the needs of the local market and export. High value added projects such as phosphoric acid projects.

During the meeting, the members of the committee were keen to ask their questions to learn about the policies and procedures followed by the ministry in the mining sector to meet the challenges to promote during doors doorways and to offer opportunities to investors in conferences in which they participate.

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