Egypt eyes new mining law
Egypt is drafting
new legislation to boost investment in its mining sector, a minister
said in remarks published on Tuesday, as the country seeks to
capitalise on renewed interest in gold mining in its Eastern Desert.
Pharaohs once dug
up gold in the desert to gild amulets and sarcophagi, but the industry
faded in the 20th century largely because of curbs on foreign
investment imposed by President Gamal Abdel Nasser.
Other changes to Egypt’s mining code in 2008 improved patronage,
attracting firms such as Centamin and Canadian mining company, Nuinsco.
The Eastern Desert, littered with pharaonic mines, is now seen as a
potentially lucrative source of gold.
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