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Egypt’s state-owned El-Nasr Mining Company has agreed to set up a joint project with an Indian company for the production of phosphoric acid in investments worth US$335mn.

Adel al-Danaf, chairman of the Holding Company for Metallurgical Industries, says that the project’s output capacity would reach 600,000 tons of phosphoric acid and that the project is due to come on stream in three years.

The project would be set up in Aswan under a free trade zone status and would use local materials.

He adds that the project is an added value for Egypt’s phosphate raw material and that a large amount of the project’s production would be targeted for export to international markets.

Egypt’s mining industry is witnessing a complete restructuring in a bid to lure foreign investments. Egypt and Saudi Arabia agreed late May to set up the Egyptian-Saudi mining company ‘Smouh’ for an upgraded manufacturing of iron ore. The Saudi private sector is pumping in US$140mn in Smouh.