CAIRO – 26 November 2023: The Egyptian Mineral Resources Authority (EMRA) take a significant step towards gold prospecting in cooperation with the Canadian company Lotus Gold Corporation, with investments valued at $2.5 million.
Lotus Gold Corporation won two rounds of a gold exploration tender conducted by EMRA in 2020 and 2021 for exploration concessions over a combined area of 1,219 square kilometers in the first round.
The second round of the tender came within the framework of the agreement with EMRA, covering an area of 525 square kilometers.
The signing ceremony was witnessed by Minister of Petroleum and Mineral Resources, Tarek El-Molla, and ambassador of Canada to Egypt, Louis Dumas.
El-Molla expressed Egypt’s willingness to develop a sustainable mining industry including modern technologies and advanced laboratories through collaborations with international companies.
Recently this year, Egypt had a negotiation with Barrick Gold from Canada and Centamin from Australia, to explore the ways of gold prospecting in the Eastern Desert, Local media sources reported.
The Egyptian Ministry of Petroleum and Mineral Resources reported during the recent months, that they are launching an international bid for gold exploration allowing Egypt the rights to explore for gold in the Eastern Desert through the state-run Shalateen Mineral Resource Company (SMRC).
Egypt has set a target to invest a minimum of $1 billion in the mining sector by 2030, aiming to expand the utilization of mineral resources.
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