President Abdel Fattah El-Sisi invites the Egyptian private sector to invest in local projects for the extraction of metals from black sand, during the inauguration of the black sand complex in Borolos city in Kafr El-Sheikh governorate, Invest-Gate reports.
El-Sisi adds that the feasibility studies proved sufficient black sand reserves and global demand for the extracted metals.
With EGP 4 bn in investments, the project is executed by the Egyptian Black Sand Company (EBSC), which is an affiliate of the Armed Forces National Service Projects Organization (NSPO).
The project aims to reduce imports of economic metals extracted from black sand.
The project is also planned to export the surplus to European and Asian markets, including the UAE, Japan, China, Spain, the UK, and the Netherlands, NSPO’s Director-General Walid Abul-Magd comments.
Abul-Magd states that Egypt seeks to extract about 76 mn tons of economic metals.
He notes that the black sand project is expected to generate $100 mn from exports and save up to $50 mn from the reduction of imports.
It is worth noting that EBSC’s black sand complex is situated on more than 80 feddans and includes 6 factories for the separation of minerals from black sand.