Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Off the off-road tracks deep in Egypt’s eastern desert, prospectors are ramping up the hunt for the treasure once revered by the Pharaohs as the “skin of the gods” — gold.
If developed, gold and mineral mining could prove a boon to the country at a time it is desperate for foreign currency, and provide jobs for its burgeoning population of 90 million.
Egypt’s mining sector today remains largely dormant, a victim of outdated policies, experts said. Despite some reforms that went into effect last year amid government promises to create more favourable investment laws, Egypt’s mining legislation still falls short of international standards, and attempts by the government to attract foreign investment have largely failed.
