Russia-based mining firm Infinity has announced plans to invest up to $1 billion in Egypt's gold mining industry, joining a bidding round initiated by Egyptian mining company Shalateen Mineral Resources. This investment aims to explore and exploit gold and associated minerals in Egypt's resource-rich basins, potentially generating one hundred thousand jobs and introducing modern technologies to enhance the country's upstream sector.
Infinity also plans to establish a refinery facility to strengthen the domestic mining sector and expand access to new markets across Africa and the Middle East.