Arab Finance: The Mineral Resources and Mining Industries Authority (MRMIA) and Movingfert signed a memorandum of understanding (MoU) to study and evaluate an integrated mining and industrial project for the exploration and exploitation of phosphate ore in the Abu Tartour area of New Valley Governorate, according to a statement from the Ministry of Petroleum and Mineral Resources.

Under the MoU, Movingfert will fund studies related to the project, including exploration and geological evaluation programs, resource and reserve assessments, and analyses of methods to improve ore concentration and quality.

The studies will also examine the feasibility of establishing downstream industries in the Abu Tartour area, including the production of phosphate fertilizers, phosphoric acid, and related products, with the aim of increasing the local value added of phosphate resources.

In addition, the project will assess the potential extraction and industrial use of rare earth elements associated with phosphate ore, given their growing importance in advanced technology and clean energy industries.

Following the signing, Minister of Petroleum and Mineral Resources Karim Badawi said the mining sector is undergoing a transformation supported by legislative and institutional reforms aimed at improving the sector's attractiveness to investors. He pointed to recent measures, including the transformation of EMRA into an economic authority and updates to the regulatory framework governing mining activities.

The minister added that the government is focused on increasing the added value of mineral resources through the expansion of processing and complementary industries, noting that phosphate represents a key resource given Egypt's reserves and geographic advantages.

Badawi also said the ministry is seeking to attract additional local and foreign investment to the mining sector and expand partnerships with specialized companies to support exploration and development activities.

According to the minister, these efforts are part of a broader objective to increase the mining sector's contribution to Egypt's gross domestic product from less than 1% currently to around 5%–6% in the coming years.

He added that the Abu Tartour project reflects the state's approach to developing mineral resources through integrated industrial projects that support economic activity and job creation, particularly in Upper Egypt and border governorates.