Sukari: More About Absolute Control Than Unhappy With 50%29 May 2024 20:52
It's why Barrick doesn't even mentioning Egypt in its results/exploration updates and hasn't for some time. The 'one year' capped executive regulation negotiations dragged on over two years and failed to reach an agreement - so it as if the EMRA was never negotiating in good faith from the beginning. Quite telling when Saudi Arabia is a more trustworthy business partner to Barrick than Egypt.
New Ministry of Mineral Resources
Mr. Al-Abnoudi , May 29, 2024
The economic landscape in Egypt expresses an urgent need for a radical and strategic transformation, especially in the mining sector, which for years has carried with it huge potential that has not yet been optimally exploited.
Establishing an independent Ministry of Mineral Resources in Egypt is not just an administrative step, but rather a redefinition of how we manage and invest our natural wealth. This step reflects confidence and flexibility in dealing with serious investors, and opens the door to more effective participation in extracting and manufacturing mineral resources instead of exporting them as raw materials. It also contributes to enhancing efficiency and flexibility in managing mineral resources and attracting huge investments.
While nature reveals its buried treasures to us, official statistics show that total revenues from this sector amounted to only 3.8 billion pounds during the fiscal year 2024/2025
We also look at the Kingdom of Saudi Arabia, this sister country that shares many geological formations with Egypt, but has excelled in appreciating and investing its wealth. Saudi Arabia has raised its estimates of mineral wealth to 9.4 trillion riyals, equivalent to 2.5 trillion dollars, using global expertise and solid plans to achieve these amazing numbers. This successful model may serve as a warning bell for us, urging us to draw inspiration from lessons and adapt them to our national peculiarities.
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