Australian Velox targets mining areas in Egypt
Australian mining company Velox Energy Materials plans to apply for mining areas in Egypt, particularly in open areas within the Nubian Shield, as it explores opportunities to enter the Egyptian market, the Ministry of Petroleum and Mineral Resources said on Wednesday.
The plan was discussed during a meeting between Petroleum and Mineral Resources Minister Karim Badawi and Velox CEO Nicole Morcombe, which focused on potential investments in Egypt’s mining sector.
Badawi said Egypt’s mining sector is entering a new phase focused on creating an attractive investment environment, increasing private-sector participation and attracting foreign investment.
He added that the ministry is developing mechanisms to offer mining areas and provide new investment opportunities for serious companies, while available areas are being evaluated under clear and transparent procedures.
Morcombe highlighted Velox’s mining expertise and its network of investors and entrepreneurs, particularly in Australia and Canada, and expressed strong interest in Egypt’s mining opportunities.
She said the company is keen to begin operations in Egypt as soon as possible, noting that its geological team sees promising opportunities in the available areas.
Badawi stressed that attracting global companies with technical and investment expertise is key to developing Egypt’s mining sector and leveraging modern technologies in mineral exploration and exploitation to increase investment, production and added value.