Egypt signs Turkish gold exploration deal as race for mineral wealth intensifies

Tue May 26 2026

The agreement, signed under the supervision of Petroleum and Mineral Resources Minister Karim Badawi, will see Egyptian and Turkish teams jointly assess gold deposits and associated minerals in the Eastern Desert, a region increasingly attracting international mining interest because of its vast untapped reserves.

The memorandum of understanding was signed between Egypt’s Mineral Resources and Mining Industries Authority and OZ Mining at the authority’s headquarters in Cairo.  Geologist Yasser Ramadan, head of the Egyptian Mineral Resources and Mining Industries Authority, signed on behalf of Egypt, while OZ Mining chief executive Tanner Yelms represented the Turkish company.

Egyptian officials described the agreement as part of broader efforts to attract global mining investment and accelerate the development of the country’s mineral resources sector.  Following the signing, Minister Karim Badawi said Egypt possesses “a real treasure” of mineral resources and stressed the government’s commitment to supporting mining investors operating in the country.

Badawi also expressed optimism about the Turkish company’s expansion plans in Egypt, adding that authorities would provide the necessary support to speed up cooperation and exploration activities during the next phase.  The agreement follows recent meetings and technical discussions held in Turkey between Egyptian officials and representatives of OZ Mining aimed at laying the foundation for long-term cooperation and identifying mining opportunities in Egypt.

Yelms said the Turkish company intends to benefit from what he described as Egypt’s increasingly attractive investment climate and mining incentives.  OZ Mining’s operations span Turkey, Africa and Latin America, with activities focused on gold, silver and other key minerals.

The latest agreement comes as Egypt aggressively reforms its mining industry in an effort to reduce dependence on hydrocarbons and generate new sources of foreign currency earnings amid persistent economic pressure.  In recent years, Cairo has introduced changes to mining regulations, licensing systems and concession agreements to make the sector more attractive to foreign investors.

The Eastern Desert has emerged as a central pillar of Egypt’s mining ambitions because of its significant gold reserves and geological links to the mineral-rich Arabian-Nubian Shield, one of the world’s major gold-bearing regions.  The region is already home to the Sukari mine, Egypt’s largest and most productive gold mine, while global mining companies including Barrick Gold, AngloGold Ashanti and Centamin have continued expanding their interest in the country’s mining sector.

Source: https://africa.businessinsider.com/