Egypt signs MoU with China’s Xingfa to boost mining value

Egypt’s Minister of Petroleum, Karim Badawi, witnessed on Tuesday the signing of a memorandum of understanding between the Egyptian Mineral Resources and Mining Industries Authority, Misr Phosphate, and WadiCo with China’s Xingfa Group.

According to the Ministry of Petroleum’s statement, the MoU will study and evaluate phosphate, quartz, and silica sand deposits, paving the way for an industrial project to maximise the added value of these resources in the Golden Triangle area.

The agreement follows recent discussions and reflects Xingfa’s plan, as one of China’s largest companies, to invest in Egypt’s mining sector and make the country its largest industrial hub outside China.

 The cooperation targets integrated mining projects, from exploration and resource identification to advanced processing, to maximise added value and economic returns, with Egypt-China relations playing a key role in the project’s success.

Attribution: Amwal Al Ghad English