Egypt launches aerial survey for gold, copper and other minerals
Egypt plans to conduct its first nationwide aerial geological survey in more than 40 years to identify gold, copper and other mineral reserves as it seeks to attract foreign mining investment.
Spain’s Xcalibur Smart Mapping will work with Egypt’s Nuclear Materials Authority to carry out the project.
Energy Minister Karim Badawi said the survey will cover areas including Egypt’s Eastern and Western deserts and the Sinai Peninsula.
The aim is to create a “modern, highly accurate mining database” to help investors identify commercially viable mineral deposits faster and with lower exploration risk, he said.
Gulf mining firms see promising opportunities in metal markets
As Gulf states seek to reduce their dependence on oil sales, they’re finding new markets for copper, lithium and other metals needed for the energy transition.
Mining companies in Oman, the UAE and Saudi Arabia are planning to launch metal trading firms to tap the growing demand, the Financial Times reports.
Abu Dhabi-based International Resources Holding, a mining company that is part of a conglomerate chaired by Sheikh Tahnoon bin Zayed, has hired a 60-person trading unit to handle energy and metals.
Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, the FT says.
