Egypt seals 5 gold exploration deals in Eastern Desert for $13 mln

  • Date: 21-Jan-2021
  • Source: Ahram
  • Sector:Oil & Gas
  • Country:Egypt
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Egypt seals 5 gold exploration deals in Eastern Desert for $13 mln

Egypt signed five gold exploration deals on Thursday worth $13 million with leading local and Canadian gold companies following a global tender it held in 2020.

Egypt has launched several initiatives to lure investors to its attractive mining exploration opportunities.

The petroleum ministry said on Thursday three contracts worth a total of $9 million were signed with Canadian Lotus Gold for exploration in 11 blocs.

Another $3 million deal was signed with Egypt's Mining and Manufacturing Company (MEDAF) for exploration in one bloc, and one with Ebdaa for Gold Mining for $1 million in another bloc.

Petroleum minister Tarek El-Molla said the signing of Thursday's agreements was an effective translation of amendments to Egypt's mineral resources law, which grants investors more facilities and privileges.

The amendments have positively reflected on investments in the sector and placed Egypt on the global investment map in gold exploration by luring several local and global mining companies, he said.

Egypt passed a legislation last year to ease exploration rules and to attract investors to its gold sector as it sought to attract gold mining firms for its first major tender since 2017 in the Eastern Desert.



Seven international and four local