CAIRO, Egypt, has signed a new agreement with Turkish mining company OZ Mining to explore gold deposits in the Eastern Desert, reinforcing the country’s efforts to attract foreign investment and expand its mining sector.
The agreement was signed between Egypt’s Mineral Resources and Mining Industries Authority and OZ Mining in Cairo under the supervision of Petroleum and Mineral Resources Minister Karim Badawi.
Under the deal, experts from both countries will conduct geological assessments to identify potential gold reserves and other valuable minerals in the resource-rich region. The initiative is expected to provide critical data that could support future mining operations and attract additional international investors.
Speaking at the signing ceremony, Badawi said Egypt possesses significant mineral potential and reaffirmed the government’s commitment to supporting investors in the mining industry. He noted that developing the country’s mineral resources remains a key priority as Egypt seeks to strengthen economic growth and create new revenue streams, as BI Africa reports.
OZ Mining Chief Executive Officer Tanner Yelms said the company is looking to benefit from Egypt’s improving investment climate and growing opportunities in the mineral sector. He expressed confidence that the partnership would contribute to the discovery and development of new mineral resources.
The partnership follows a series of discussions between Egyptian and Turkish officials aimed at strengthening cooperation in mining and resource development. Both sides have highlighted the importance of knowledge-sharing, technical expertise, and long-term collaboration in advancing exploration activities.
Egypt has been implementing reforms to modernize its mining industry, including changes to licensing and investment regulations, as it seeks to diversify its economy and increase foreign investment. Authorities have also introduced measures intended to make the sector more competitive and attractive to global mining companies.
The Eastern Desert, which hosts some of the country’s largest gold reserves, has attracted growing interest from international mining firms amid rising global demand for precious and critical minerals. The region is home to several mining projects and is considered one of Egypt’s most promising areas for future resource development.
Industry analysts say the latest agreement reflects a broader trend across Africa and the Middle East, where governments are seeking to capitalize on increasing demand for gold and strategic minerals used in manufacturing, technology, and renewable energy industries.
As competition for mineral resources intensifies globally, Egypt is positioning itself as a regional destination for mining investment, with officials hoping that new exploration projects will unlock untapped reserves and contribute to long-term economic development.
