(Ecofin Agency) - Algeria boasts significant phosphate, iron, and various other mineral resources. But the mining sector barely contributes 1% to the GDP. To increase this contribution, the government has initiated a series of reforms in recent years.

Algeria aims to complete its first minerals map by the end of 2024. Launched nearly two years ago, this project aims to identify the country's main mineral deposits and foster their development through the establishment of new mines. This ambition was disclosed on May 6 by Fathi Oubrahim, project manager in the state-owned National Company for Research and Mines (Sonarem).

“The map covers 35 provinces and it involved investment of around 4.3 billion dinars ($32 million)…this map will result in the launching of several projects to exploit the country’s minerals,” Oubrahim said according to Zawya.

Algeria's mining sector, despite its abundant mineral resources, currently makes a modest 1% contribution to the GDP. In a bid to enhance this economic impact, Algerian authorities have embarked on several key projects. These initiatives encompass the development of the Gara Djebilet iron ore deposit alongside an integrated steel plant, collaboration with China on the Bled El Hadba phosphate project, and the exploitation of the Tala Hamza zinc-lead deposit.

Simultaneously, the government has initiated a review of mining regulations to simplify the mining title acquisition process and offer tax incentives to attract investors.