Egypt's Minister of Petroleum and Mineral Resources Karim Badawi discussed with CEO of Australian company Velox Energy Materials Nicole Morcombe, Managing Director and head of Capital Limited Khaled Mortaghy and Velox board member Vincent Algar the company's potential entry into the Egyptian market and plans to invest in the mining sector.
Talks focused on Egypt's promising potential and investment opportunities in mineral exploration, the Petroleum Ministry said in a statement on Wednesday August 26,2026. Morcombe outlined Velox Energy Materials' experience and its network of investors and entrepreneurs in the mining sector, mainly in Australia and Canada.
She said the company was highly interested in mining investment opportunities in Egypt and wanted to apply for exploration areas, particularly open areas within the Arabian-Nubian Shield. Morcom voiced the company's enthusiasm for Egypt's promising mining opportunities and said Velox was looking to begin operations in the Egyptian market as soon as possible, adding that the company's geological team saw promising opportunities in the available areas, encouraging Velox to take practical steps toward entering Egypt's mining sector.
The minister of petrouem said Egypt's mining sector was entering a new phase focused on creating a more attractive investment environment, increasing private-sector participation and attracting foreign investment. The ministry is regularly developing mechanisms for offering mining areas and providing new investment opportunities to serious companies, Badawi said, in a bid to attract more investment and maximize the value of Egypt's mineral resources.
The available mining areas are subject to assessment and study under clear and transparent procedures, ensuring the best possible use of mineral resources while providing investors with the necessary information and clarifying the procedures and requirements governing operations, he added.
The ministry was coordinating with relevant authorities to provide a stable and attractive investment environment and remove obstacles facing serious companies, stressing that building trust and ensuring transparency in dealing with investors were key pillars of the government's strategy to develop the mining sector and increase its contribution to the national economy, according to the minister.
The talks are part of the Petroleum Ministry's efforts to broaden the investor base in the mining sector and attract new companies with technical expertise and financial capacity, strengthening the sector's competitiveness and turning Egypt's mineral wealth into greater economic value.
Press Release regarding POLITICO report on El Dabaa Nuclear Power Plant Project