Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), received Polly Ioannou, Ambassador of the Republic of Cyprus to Egypt, to discuss strengthening the strategic partnership between the two countries in the natural gas and mining sectors.
Badawi reviewed the reforms and modernization of Egypt’s mining investment environment, which he said enhance the sector’s competitiveness, attracting more international investment.
The meeting highlighted the joint efforts that resulted in Cypriot mining company FMC Cyprus Ltd. resuming operations in Egypt in gold and mineral exploration in the Eastern Desert.
Ioannou said cooperation with Egypt transformed Cyprus’s gas discoveries into operational projects. She highlighted support provided by MoPMR in expediting development and infrastructure connection projects.
She said FMC Cyprus Ltd. also plans to participate with a delegation of geological experts in the Egypt Mining Forum held in September 2026. She also noted that another Cypriot company is interested in exploring investment opportunities in Egypt’s marine bunkering and ship supply services sector.
In June, Badawi said the mining sector is entering a new phase defined by an investment-friendly framework that provides clear legislation, reliable geological data, and specific incentives to attract both major and junior exploration companies.
That month also saw the Mineral Resources and Mining Industries Authority (MRMIA) launch the Open Blocks System, allowing companies to apply for gold exploration and exploitation at any time, replacing fixed bid round deadlines.
Blocks are distributed based on resource potential, including the Arabian-Nubian Shield for gold and other regions for industrial minerals. The government also prioritizes proposals featuring localized value-added processing to maximize the nation’s mineral resources.