The Mineral Resources and Mining Industries Authority (MRMIA) signed a Memorandum of Understanding (MoU) with China’s Asia-Potash International Investment (Guangzhou) Co., Ltd. The MoU is designed to strengthen joint cooperation in exploring and assessing phosphate ore reserves. The objective is to maximize the added value of this crucial resource. The signing took place in the presence of Karim Badawi, the Minister of Petroleum and Mineral Resources, according to the Ministry’s statement.

The MoU was signed by Yasser Ramadan, MRMIA’s Chairman, and Zeng Yuy, Vice President of the Chinese company Asia-Potash.

Following the signing ceremony, Badawi stated that this initiative aligns with the Ministry of Petroleum and Mineral Resources’ vision to develop the mining sector. It aims to increase its contribution to the Gross Domestic Product (GDP) from less than 1% to 5-6% by attracting substantial investments, offering new opportunities, and implementing an integrated system to maximize the added value of mineral resources.

Badawi pointed out the importance of taking immediate, practical steps to launch the project. He also highlighted the need for regular follow-up meetings to monitor its progress and ensure adherence to the established timeline.

The MoU further aims to foster cooperation in scientific research for the exploration and confirmation of phosphate ore reserves, enrichment and processing operations, and studying the establishment of a modern plant for the production of phosphate fertilizers—all per Egypt’s laws and regulations, according to the statement.

It is worth mentioning that in January 2025, Hossam Heiba, CEO of the General Authority for Investment and Free Zones, met with Zeng Yuy to discuss the potential establishment of an industrial complex for phosphate fertilizer production in Egypt. The Chinese company reportedly aims to invest $1.6 billion in the first phase. This investment would support the annual exploration and extraction of 2 million tons of phosphate, which would then be converted into phosphate fertilizers, with 100% of the production intended for export to neighboring markets.

Asia-Potash is a Chinese-listed company with a scope of business that includes: grain trading, international shipping and logistics, potash mining, potash fertilizer production and marketing.

Source:egyptoil-gas.com