Cyprus’ FMC to invest $20 mln in Egypt gold exploration – ministry

Cyprus-based mining company FMC (formerly SMW Gold Limited) plans to invest $20 million to resume gold and mineral exploration activities in Egypt’s Eastern Desert, the petroleum ministry said on Tuesday.

The investment marks the company’s return to Egypt’s mining sector, according to the ministry.

Petroleum Minister Karim Badawy discussed the project with FMC Executive Chairman Philipp Hiendl during a meeting.

Badawy said Egypt was continuing efforts to develop its mining sector and attract new investment through reforms aimed at improving the industry’s competitiveness.

Egypt has been seeking to expand mining activity and increase the sector’s contribution to the economy as part of broader efforts to diversify sources of growth and attract foreign investment.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser