Egypt: Elsewedy, EMRA sign agreement to develop sebaia phosphate mines
The moU outlines cooperation in evaluating phosphate reserves in the Sebaia mines and allows Elsewedy Capital or its affiliates to enter negotiations on potential joint ventures for exploration and production.
Minister of Petroleum and Mineral Resources Karim Badawi said the mining sector is one of the key components of the national economy, with government plans to raise its contribution to gross domestic product (GDP) from under 1% to 5–6% in the coming years.
He noted that the agreement reflects cooperation between the state and the private sector to advance project execution and deliver economic benefits.
Elsewedy Electric's CEO Ahmed Elsewedy said the partnership provides an opportunity for the group to expand into mineral resource activities.
He added that the project is expected to support the development of industries that increase the economic value of phosphate.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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