Cairo: Minister of Petroleum and Mineral Resources Karim Badawi has announced the launch of a new incentive package aimed at attracting Australian mining businesses, particularly small and medium-sized companies and start-ups, to engage in mineral exploration and prospecting in Egypt.

According to State Information Service Egypt, the package includes several measures designed to facilitate mineral exploration efforts. Among these are the reduction of rental values for mineral exploration contracts and the provision of tax and customs exemptions for exploration equipment and services related to mining activities.

The incentives also involve the issuance of a single license for searching for multiple minerals, which replaces the need for several separate licenses. Additionally, a reconnaissance license is being introduced to help lower investment risks for emerging companies. Furthermore, a one-stop-shop mechanism is being established to streamline the process of obtaining permits from the mineral resources and mining industries authority.