Egypt to launch mining survey in bid for international investors
Egypt is planning a nationwide geological survey of mining sites that are likely to attract foreign investment.
The study will compile detailed geological data and map potential deposits of gold, copper and other minerals across the country, Minister of Petroleum and Mineral Resources Karim Badawi said in a statement.
The information will be made available to prospective investors to support bidding in upcoming exploration tenders.
As part of the initiative, the ministry plans to coordinate with international consultants and local institutions to update and digitize existing geological records.
Saudi Arabia to spend $2.3 billion on mining gold and phosphates
Saudi Arabia’s Ma’aden mining company is preparing to make major new investments this year to draw gold and phosphates from the kingdom’s vast desert territory.
The Saudi government plans to spend close to $2.3 billion on mining projects for the precious metal and minerals as part of its Vision 2030 blueprint for diversifying the economy and reducing its reliance on oil revenue, Zawya reports, citing the Almal newspaper.
Saudi Arabia controls more than 320 tons of gold reserves in local and foreign banks, the largest in the Arab world and 18th worldwide. Those reserves, together with gold and other metals underground, are estimated to be worth more than $2.5 trillion.
Saudi Arabia controls more than 320 tons of gold reserves in local and foreign banks, the largest in the Arab world and 18th worldwide. Those reserves, together with gold and other metals underground, are estimated to be worth more than $2.5 trillion.
Qatar buys stake in U.S.-backed Irish mineral firm TechMet
In a nod to Washington, Qatar has agreed to buy a $180 million stake in TechMet, an Irish mining investment firm backed by the U.S. International Development Finance Corp.
The move, carried out through the Qatar Investment Authority, is designed to loosen China’s dominance of minerals critical to generating sustainable energy and is the first such collaboration between a western and Gulf state, the Financial Times reports.
The Biden administration has been trying to overtake China in the market for lithium, cobalt and other minerals used to power electric cars, making the objective a priority in its campaign to switch to renewable power, according to the newspaper.
Part of those efforts has been to persuade Saudi Arabia, Qatar and the UAE to invest in U.S. initiatives to extract and process critical minerals for industrial use, the FT said. It notes the Gulf states all seek to become players in the critical minerals market, using their neutrality in the U.S.-China standoff to their advantage.
Saudi Arabia rolls out $182 million for mineral exploration
As Saudi Arabia seeks to reduce its economic dependence on oil, the kingdom has rolled out a $182 million package of grants aimed at encouraging mining companies to explore for new mineral resources.
The incentive program was announced on Wednesday by the Ministry of Industry and Mineral Resources and the Ministry of Investment.
Close to 50 minerals have been identified in the kingdom, including marble, granite and gold as well as ones crucial to the energy transition like copper and bauxite.
Saudi Arabia has an estimated mineral wealth of $2.5 trillion and is seeking to attract nearly $200 billion in investments in the mining sector by 2030.
