Mazhar asserts Egypt mining hub for investment

Dr. Youssef Mazhar said that the minister of petroleum discussed with the chairman of South Africa's largest mining company the investment opportunities available

Former assistant to the minister of industry Dr. Youssef Mazhar said that the minister of petroleum and mineral resources discussed with the chairman of South Africa's largest mining company the investment opportunities available in mining and gold exploration in light of the company’s desire to invest in Egypt.

Over the phone to (Africa Today), he added that the mining potential in Egypt is huge, shedding light on the investments in the gold exploration field. The mining development strategy aims to create added value from Egypt's mineral wealth through making the best use of raw materials in industries with greater economic returns, he reaffirmed.

He explained that there are reasons for the South African companies' keenness on investment in the mining exploration fields in Egypt which enjoys an integrated infrastructure, logistical areas, ports, and airports, which provide an ideal business environment for international mining companies, he added.

Products from the mining industry were controlled for many years by Europe with its price system that vibrated due to the supply and demand, Mazhar said.

Supporting his point, he highlighted that Sinai is a very large area rich with minerals yet not well optimised. Egyptian minerals are characterised by their high competitive quality and specifications, he stated, referring to raw minerals and sands that are exported with good prices and many countries rely on that mining output to further their products.

He focused on the importance of the intra-African investments and expanding the amount of mining areas in the most beneficial not only by just digging and extracting but also by manufacturing and cleaning. Concluding, he believes that we should expand the amount of input in everything that comes out of the ground.

Though there are negative effects of the corona virus on the process of intra-African trade yet the impact on mining is very minimal as those places are not congested with people and are far from cramped areas, thus our ability of production is good despite the impact on the international market, he said.

(Africa Today) is aired daily. This episode is presented by Mahesty Rabei.