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Egypt to Benefit from Mining in the Golden Triangle

Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
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Egypt to Benefit from Mining in the Golden Triangle

Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)
Discussions between the concerned ministries to develop the Golden Triangle region in Egypt (Asharq Al-Awsat)

Egyptian Minister of Petroleum Tarek El-Molla has said that the development of the Golden Triangle region requires the participation of all sectors to attract foreign and domestic investments.

The Golden Triangle project is one of the major mining projects intended to be established between Qena, Safaga, and al-Qusayr. Its area is over 7,000 square kilometers.

It includes tourism, mining, agricultural, industrial, and commercial projects amid expectations of providing about half a million job opportunities in five years.

The area is rich in mining sources that make up 75 percent of Egypt's minerals, including metallic and non-metallic minerals, iron, copper, gold, silver, granite, and phosphate.

Molla chaired a workshop for coordination between the mining and the industrial sectors to explore investment opportunities at the economic zone in the Golden Triangle area.

The minister stressed the importance of increasing the efficiency of the infrastructure and achieving possible benefits from the mining resources, which can be one of the primary resources of added value to the national economy.

The meeting also reviewed the strategy of the Egyptian mining sector, the investment map for the mining sector until 2040, the ministry's vision to develop the Golden Triangle, and maximizing its revenues.

Also, the workshop witnessed agreement on the importance of emphasizing the mining reserves, noting that the last international bids posted by the ministry had activated the mining exploration and discovery operations in the promising area.

At the end of the meeting, Molla highlighted the importance of welcoming all feasible ideas and agreeing on a roadmap to develop the Triangle.

He also called for providing the necessary human cadres and building their capabilities to actively attract investments.

The minister pointed to the importance of the Environment Ministry's participation in the development project in light of the vital role of environmental compatibility regarding luring investments.

He directed officials to work on a dialogue based on the strengths that characterize the region to accelerate the development of outputs that enable the sustainability of work and growth.

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World Shares Deepen Losses, with Tokyo’s Nikkei Down Nearly 4%, as Latest US Tariffs Take Effect 

A person walks past a screen showing stock trading in Beijing on April 9, 2025. (AFP)
A person walks past a screen showing stock trading in Beijing on April 9, 2025. (AFP)
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World Shares Deepen Losses, with Tokyo’s Nikkei Down Nearly 4%, as Latest US Tariffs Take Effect 

A person walks past a screen showing stock trading in Beijing on April 9, 2025. (AFP)
A person walks past a screen showing stock trading in Beijing on April 9, 2025. (AFP)

Asian and European shares slid on Wednesday, with Japan's Nikkei 225 closing almost 4% lower after launch of the latest set of US tariffs, including a massive 104% levy on Chinese imports took effect.

Chinese markets advanced after regulators appeared to intervene, urging state-owned companies to buy shares.

Germany's DAX lost 2.1% to 19,857.36. In Paris, the CAC 40 declined 2.1% to 6,949.92. Britain's FTSE 100 gave up 2% to 7,753.42.

The future for the S&P 500 lost 0.7% while that for the Dow Jones Industrial Average was down 0.5%.

Markets have been wobbly for days, with investors flummoxed over what to make of President Donald Trump’s trade war.

On Tuesday, the S&P 500 dropped 1.6% after wiping out an early gain of 4.1%. That took it nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 0.8%, while the Nasdaq composite lost 2.1%.

Stocks had rallied globally on Tuesday, with indexes up 6% in Tokyo, 2.5% in Paris and 1.6% in Shanghai. Any optimism or buying enthusiasm appeared to have dissipated by the time the sharply higher tariffs became reality.

The Nikkei 225 fell 3.9% to 31,714.03.

In Hong Kong, the Hang Seng rose 0.4% to 20,205.04, while the Shanghai Composite index reversed early losses, gaining 1.3%. to 3,186.81.

Taiwan led losses in Asia, as its Taiex plunged 5.8%. Big tech manufacturers were among the biggest decliners. Computer chip giant TSMC Corp. dropped 3.8% while iPhone maker Hon Hai Precision Industry plunged 10%.

South Korea's Kospi lost 1.7% to 2,293.70, and the government said it would provide help for its beleaguered automakers.

The S&P/ASX 200 in Australia declined 1.8% to 7,375.00. Shares in New Zealand also fell.

In India, the Sensex declined 0.5% as the central bank cut its benchmark interest rate, while Bangkok's SET shed 0.8%.

Analysts have been warning to expect more swings up and down in markets given the uncertainty over how long Trump will keep the stiff tariffs on imports, which will raise prices for US shoppers and slow the economy. If they last a long time, economists and investors expect them to cause a recession. If Trump lowers them through negotiations relatively quickly, the worst-case scenario might be avoided.

Hope still remains on Wall Street that negotiations may be possible, which helped drive the morning’s rally. Trump said Tuesday that a conversation with South Korea’s acting president helped them reach the “confines and probability of a great DEAL for both countries.”

On Tuesday, Japanese stocks led global markets higher after the country’s prime minister, Shigeru Ishiba, appointed his trade negotiator for talks with the United States following a conversation with Trump.

China said it will “fight to the end” and warned of countermeasures after Trump threatened on Monday to raise his tariffs even further on the world’s second-largest economy.

White House press secretary Karoline Leavitt said Tuesday that Trump’s threats of even higher tariffs on China will become reality after midnight, when imports from China will be taxed at a stunning 104% rate.

That would coincide with Trump’s latest set of broad tariffs, which are scheduled to kick in at 12:01 a.m. And Trump has made clear that he does not intend to have any exemptions or exclusions, according to the top US trade negotiator, Jamieson Greer.

The US trade representative also said in testimony before a Senate committee that roughly 50 countries have already been in contact, and he’s told them: “If you have a better idea to achieve reciprocity and to get our trade deficit down, we want to talk with you, we want to negotiate with you.”

Trump’s trade war is an attack on the globalization that’s shaped the world’s economy and helped bring down prices for products on store shelves but also caused manufacturing jobs to leave for other countries. Trump has said he wants to narrow trade deficits, which measure how much more the United States imports from other countries than it sends to them as exports.

In other dealings early Wednesday, US benchmark crude oil fell $1.82 to $57.76 per barrel. Brent crude, the international standard, shed $1.81 to $61.01 per barrel.

The US dollar fell to 145.09 Japanese yen from 146.29 yen. The euro rose to $1.1060 from $1.0995.

The price of gold rose $71 to $3,061 an ounce.