New investment potential in Egypt’s gold mining sector were discussed on Wednesday between Mark Bristow, President and CEO of Canadian miner Barrick Gold, and Karim Badawy, Egypt’s Minister of Petroleum and Mineral Resources. The latest revisions to the country’s mining legislation are in line with Bristow’s stated desire to acquire further mining concessions.
Bristow reaffirmed Barrick Gold’s dedication to expanding its investment in Egypt at the meeting, which took place in Riyadh as part of the Future Minerals Forum (FMF). He applauded the government’s initiatives to make the mining industry more appealing to investors and bring it up to date. Bristow was also optimistic about Egypt’s rising status in the international gold market.
Further to the framework agreement in principle reached in December during Minister Badawy’s visit to the UK, the talks focused on strengthening the collaboration between Barrick Gold and Egypt. Barrick Gold is able to invest in Egypt and acquire mining concessions for the extraction of gold thanks to this arrangement.
Egypt has a long and storied history of gold mining, and Minister Badawy outlined the country’s lofty goals for the future of this industry. He detailed the Ministry’s plan to revamp the industry and bring in new investors, with an emphasis on untapped gold-rich regions. According to the minister, Egypt’s dedication to strengthening its gold mining skills is evident in the sector’s recent expansion, which has been driven by coordinated efforts across multiple ministries.
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