Egyptian authorities have announced the launch of the country’s first comprehensive airborne geophysical survey in four decades. The project is aimed at discovering new deposits and attracting foreign investment into the mining sector, according to the country’s Ministry of Energy.
The partners in the initiative are international company Xcalibur Smart Mapping, Egypt’s Nuclear Materials Authority, and local firm Drone Tech. Specialists will deploy modern geophysical methods and specially equipped aircraft to map the country’s mineral resources.
The survey will cover the Eastern and Western Deserts as well as the Sinai Peninsula. Energy Minister Karim Badawi, speaking at the agreement signing ceremony, described it as the first such project in 42 years. Its outcome will be the creation of a “modern, high-precision geological database” that will allow investors to identify economically viable mineral deposits more quickly and with lower exploration risk.
Egypt has a rich history of gold mining stretching back to the time of the pharaohs, yet the country’s mineral wealth remains largely untapped. To stimulate investor interest, the government introduced new regulations around six years ago — cutting taxes and removing the requirement to form joint ventures with the state.
Authorities now expect the airborne survey to catalyse new deposit discoveries and drive growth in private investment in geological exploration. For a country seeking to diversify its economy, developing the mining industry has become one of its priority objectives.
Source: Bloomberg
Image: EyesWideOpen
