Egypt ranks third in the world in mining

Chairman of the Golden Triangle Area Committee and the advisor to the Minister of Commerce and Industry, Yasser El Maghraby confirmed that the Golden Triangle area is promising and it will attract  alot of investments especially in mining.
He said during an interview with “Arab Today” that investments returns for this project are 16.5 million dollars over 30 years, and it will provide 350.000 job opportunities.
He confirmed that Upper Egypt governorates will witness great investments, when actual implementation of the project starts, which will provide many job opportunities and create productive services in all sectors. Adding that the area has a huge mineral wealth with great potentialities, that can be used to develop South Upper Egypt in mining, industry, and tourism.
He added that the Italian company supervising the project clearly defined each stage timeline, according to extensive studies in coordination with the Mineral Resources Authority, adding that general studies for each project are already done, and there will be detailed studies for each one, taking in consideration their data to guarantee best results.
He said that the Golden Triangle project covers 9 thousand square kilometers on the Qena-Safaga road. Qena Governorate has more 100 sites for raw tin, and other reserves for Manganese, chromium, tungsten, molybdenum, nickel, titanium, Copper, tin, niobium, tantalum, quartz and white sand.
El Maghraby added that the Golden Triangle area will be turned into a full community of 3 basic axes, one is an industrial area specialized in mining, another agricultural area for the availability of groundwater, and the third is a tourist environmental area different from Sharm El-Shaikh.
He said that this is the first project of its kind that adopts extracting and manufacturing mines, aiming to create a new industrial capital that services Egypt and Africa  between Qena and Red Sea governorates. This project highlights mineral wealth in these areas to use it to support national economy, and to manufacture raw materials instead of exporting them, as Egypt ranks third in the world in mining.