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Eurasian Group to Invest in Egyptian Mining Sector

Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 
Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 
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Eurasian Group to Invest in Egyptian Mining Sector

Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 
Egyptian Minister of Petroleum Tarek El-Molla during his meeting with the delegation of the Eurasian Resources Group specialized in mining. (Asharq Al-Awsat) 

The Eurasian Resources Group (ERG) - which is specialized in mining - said that it seeks to expand in Egypt in the coming period amid ongoing developments and legislations in Egypt that are facilitating foreign firms’ operations in the country.

The Eurasian Resources Group specializes in mining, energy, transportation, and marketing operations in 16 countries worldwide. The Group uses the newest techniques in search and exploitation.

The history of the Eurasian Group goes back to 1994, when shareholders of the Company acquired the first asset in Kazakhstan. Since then, ERG has become one of the world’s leading diversified mining and smelting groups with fully integrated mining, processing, energy production, logistical and marketing operations, according to the website.

On the sidelines of Egypt Mining Forum 2023, the ERG officials expressed during their meeting with Minister of Petroleum and Mineral Resources Tarek El Molla their interest in Egypt’s achievements in mining.

They revealed studies to kick off investments in the Egyptian market, given its promising opportunities.

Jonathan Cordiero, the head of the Development Sector at Eurasian Resources Group, said that he agreed with the minister on exploring further opportunities for cooperation and investment, aiming to benefit from the group's expertise, especially in maximizing the value of mineral resources and developing ongoing projects.

El Molla explained the developments and reforms that the mining sector has witnessed in Egypt, resulting in successful auctions attracting global investments and partnerships.

El Molla emphasized that the group's participation in the Egypt Mining Forum is an excellent opportunity to gain insight into the Egyptian market and explore the tangible reforms undertaken in the mining sector. It will also help identify potential areas for the group's investment, starting from participation in bids and extending to various services within the mining sector.

In parallel, heads and officials of the companies participating in the Forum stressed that Egypt is “on the right track” and has offered new incentives for investment in the mining sector.

During the session of the CEOs of major international companies working in gold mining in Egypt, to unleash the investment potential of the mining sector in the country, within the activities of the Egypt Mining Forum, Martin Horgan, Centamin CEO, said that Egypt has the necessary geological factors and expertise to achieve remarkable results in the mining sector, in addition to the infrastructure and human capacities.

Mark Campbell, Chairman & General Manager of Akh Gold Limited, lauded the unique geographic location of Egypt that permits it to attract more investments especially after the Egyptian minister of petroleum amended the mineral wealth law.

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Business

Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."