Barrick Gold eyes new investment opportunities in Egypt’s gold mining sector

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawy, held discussions on Wednesday with Mark Bristow, President and CEO of Canadian miner Barrick Gold, to explore new investment opportunities in Egypt’s gold mining sector. Bristow expressed strong interest in acquiring new mining concessions, aligning with recent updates to the country’s mining regulations.

During the meeting, held on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Bristow emphasised Barrick Gold’s commitment to deepening its investment in Egypt. He commended the Ministry’s efforts to modernise the mining sector and create a more attractive investment environment. Bristow also expressed confidence in Egypt’s growing prominence in the global gold market.

The discussions centered around enhancing the partnership between Barrick Gold and Egypt, building upon the framework agreement signed in principle during Minister Badawy’s UK visit in December. This agreement allows Barrick Gold to invest in Egypt and obtain mining concessions for gold extraction.

Minister Badawy shared Egypt’s ambitious vision for the future of its gold mining industry, highlighting the country’s rich history and significant potential in this sector. He outlined the Ministry’s strategy to modernise and reform the sector, focusing on attracting investment, particularly in unexplored gold-rich regions. The Minister emphasised that the recent growth of the sector has been driven by collaborative efforts across various ministries, demonstrating Egypt’s commitment to developing its gold mining capabilities.

Attribution: Amwal Al Ghad English