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Egypt set to issue tenders for precious metal mining

Mining, Truck, Vehicle Reuters/Jose Miguel Gomez
Egypt has launched a geophysical survey programme to identify areas with potential rare metals

Egypt will issue tenders for mining precious and basic metals between July and September 2023, according to minister of petroleum and mineral resources Tarek El Molla.

The tenders will be for mining precious metals, phosphate, sulphur and potash, he added.

The minister stated that the government has launched a regional geophysical survey programme, which includes building remote-sensing satellites to identify areas with potential rare and radioactive metals resources, Ahram Online reported.

A report in April by Fitch Solutions said Egypt produced 9.8 million tonnes of steel, making it the largest steel producer in Africa and the second largest in the Mena region in 2022.

Egypt in June last year awarded eight gold and metal mining exploration licences in its eastern desert region to attract $40 billion in private investment in the next four years.

Earlier this month, Egypt disclosed plans to invest $9 billion in building new oil refining and gas projects.

Projects will be started in Alexandria, Assiut and Suez, the petroleum ministry said, adding it will allow maximising value from its extensive natural resources.

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