Egypt’s Iron and Steel for Mines and Quarries company has agreed to establish a separate cost centre for the semi-industrial project of mineral beneficiation.
This will take place in cooperation with the Ukrainian partners in the project, in preparation for the trial in early June.
The project aims to conduct iron processing in Egypt’s oases area, using dry, water-saving magnetic separation technology.
The company witnessed the start of trading on its shares last Sunday, after dividing the company into two. These are: the Egyptian Iron and Steel Company; and the Iron and Steel for Mines and Quarries.
The division comes in implementation of the decisions made by the extraordinary general assembly in January.
This procedure came as a step to liquidate the Egyptian Iron and Steel company after 67 years of operation. The government saw the difficulties the company was continuing to experience, in terms of developing and making profits over the past few years.