Egypt receives 4 offers to explore for gold near Sukari mine

CAIRO - 12 March 2024: Four international companies compete to win gold exploration for 2 areas near the Sukari mine, during the first international bidding for Egypt, presented by Shalatin Mineral Resources Company, according to sources cited by Asharq Bloomberg.

 

These companies came as follows: Lotus Gold from Canada, Nubian Mines based in the UK, Saudi Steps Group, and a Russian company.

 

Egypt is actively seeking to boost investments in its mining sector, with a specific focus on gold. The country aims to invest one billion dollars in the mining sector by 2030. 

 

Furthermore, once the two gold-rich areas are fully explored and developed, three additional regions will be opened up for a fresh round of auctions, as per the same source.

 

It is worth mentioning that gold production from the Sukari mine witnessed a rise, reaching 450,000 ounces by the end of 2023. This marks an increase from the 440,000 ounces produced in 2022, according to data provided by Centamin, the English company that owns the mine.

 

Earlier in May 2023, Global gold-producing entities, Canada’s Barrick Gold, and Australia’s Centamin, was in negotiations with Egypt to finalize the terms of gold exploration agreements in the Eastern Desert, local media reported citing unnamed high-level sources.

 

The sources told local media that most of the winning companies in the first round of the recent bidding received their concessions and started exploration. Centamin and Barrick Gold was at the forefront of negotiations with the government to settle on the model of the exploitation and production agreement.