Egypt signs 5 contracts for gold exploration with investments of $13 million

CAIRO – 21 January 2021:Egypt signed Thursday five contracts for gold exploration with total investments estimated at $ 13 million, in 13 sectors.

The contracts were signed between the Egyptian General Authority for Mineral Resources and Canadian and Egyptian companies, in presence of Minister of Petroleum and Mineral Resources Tarek el-Molla.

Molla stated that this signature is the first of the gold search and exploration contracts that resulted from the first global auction for 2020, which was put forward by Egypt, and the result was announced last November.

The contracts that were signed included: 3 contracts with the Canadian company Lotus Gold, one of the international companies working in the field of gold exploration, in 11 sectors with a total investment estimated at $9 million dollars, in addition to a contract for the Egyptian company Mining and Manufacturing Company (MEDAF) to search in one sector with investments of $3 million, in addition to a contract with the Egyptian company Ebdaa for Gold Minning to search in one sector, with total investments estimated at $1 million dollars.

The minister explained that the signing of the first gold exploration contracts represents an actual translation of amendments to the legislation and regulations of mining investment, which reflected positively on the investment climate in this sector, and helped place Egypt on the map of global investment in the search for gold and attracted a multitude of international and Egyptian mining companies. 

He emphasized that the ministry is keen to provide full support for mining investments by quickly overcoming challenges and ending procedures to ensure the best results and returns for both sides of these investments, pointing out that the interest of Egyptian companies to invest in the field of gold search is an important addition that enriches mining activity and enhances from the role of national capital in this vital area.

Molla added that the rest of the contracts will be signed in succession during the coming period with the rest of the winning companies.