Russian mining firm Infinity plans to invest up to $1 billion in Egypt’s gold mining industry to boost its business portfolio and the country’s extractive sector.
Infinity announced its participation in a bidding round initiated by Egyptian mining company Shalateen Mineral Resources, which aims to explore and exploit gold and associated minerals in Egypt, focusing on the resource-rich basins of Baramiya and Hamata.
Infinity’s investment plan is expected to generate up to 100,000 jobs and includes the establishment of a skills training program to upskill the country’s mining workforce.
The company wants to introduce modern exploration and production technologies to enhance Egypt’s upstream sector.
Moreover, Infinity will establish a refinery facility to strengthen the domestic mining sector and facilitate access to new markets for processed metals across Africa and the Middle East.
