An acquisition agreement has been signed between businessman Mohamed El-Garhy, Chairman of the Board of Deep Metals, and businessman Omar El-Nemr, Vice Chairman and Managing Director of Deep Metals, and businessman Mohamed Mamdouh, Chairman of the Board of Ebdaa Gold Mines. This agreement comes as part of expansion plans and efforts to strengthen investments in mining and gold exploration projects.
Ebdaa Gold Mines gained prominence in the Egyptian market after winning an exploration sector covering an area of 100 square kilometers as part of the results of Egypt’s first international bid round for gold and associated minerals exploration, the results of which were announced by the Ministry of Petroleum and Mineral Resources in 2020.
The company commends the significant efforts made by the Egyptian state under the leadership of President Abdel Fattah El-Sisi to support and develop the mining sector, recognizing it as one of the strategic sectors that contributes to the national economy. In recent years, the sector has witnessed remarkable progress thanks to the state’s ambitious vision and reforms that have enhanced the investment climate and increased the utilization of mineral resources.
The company also extends its sincere appreciation to the Prime Minister’s Office, the Ministry of Petroleum and Mineral Resources, and the Mineral Resources and Mining Industries Authority for their continuous efforts to develop the mining sector through legislative reforms, attracting investments, and implementing the latest international standards in exploration, prospecting, and production activities.
These efforts reflect the commitment of Egypt’s political leadership and government to strengthening the country’s position in the mining industry and supporting development projects that create added value for the national economy, generate employment opportunities, and contribute to achieving comprehensive development goals.
Mohamed Mamdouh, Chairman of Ebdaa Gold Mines, stated that the new partnership will provide substantial support to accelerate exploration and prospecting activities, paving the way for the commencement of actual production. He emphasized that this step reflects the growing confidence of investors in Egypt’s mining sector and the promising growth opportunities it offers.
The company aims to announce the size of its gold ore reserves and reach the commercial discovery stage in the coming months, enhancing the project’s prospects of entering the commercial production phase and generating direct economic returns.
The mining sector is widely regarded as one of the most promising industries capable of boosting economic growth and diversifying sources of income, particularly given Egypt’s significant gold and mineral reserves and exploration opportunities, alongside the ongoing offering of new areas for exploration and mining activities.
