Cairo – Mubasher: Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced that 11 companies won the first tender launched for gold exploration in the Eastern Desert.

Four Egyptian and seven foreign companies have been awarded 82 blocks, representing 28% of the areas originally offered in the tender, El-Molla said in a press conference on Thursday.

These companies have committed about $60 million in investments in the first phase of gold exploration.

The foreign companies that won the tender include Centamin, Red Sea Resources, B2Gold, Lotus Gold, and Barrick Gold. 

El-Molla also announced the launch of the second bid round for gold exploration which will include 208 blocks over an area of 38,000 square kilometres in the Eastern Desert.