Infinity to Inject $1 Billion Investment into Egypt’s Gold Mining Sector
Russian mining firm Infinity is set to inject up to $1 billion into Egypt’s gold mining industry, aiming to not only bolster its own business portfolio but also invigorate the country’s extractive sector.
Infinity has announced its participation in a bidding round initiated by the Egyptian mining company Shalateen Mineral Resources.
The objective is to explore and exploit gold and associated minerals in Egypt, with a focus on the resource-rich basins of Baramiya and Hamata.
This substantial investment by Infinity is anticipated to create around 100,000 jobs. Additionally, it includes plans for the establishment of a comprehensive skills training program designed to enhance the capabilities of Egypt’s mining workforce.
One of Infinity’s primary objectives is to introduce state-of-the-art exploration and production technologies, which will significantly elevate Egypt’s upstream sector.
Furthermore, the firm aims to establish a refinery facility to fortify the domestic mining industry, fostering easier access to new markets for processed metals throughout Africa and the Middle East.
