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Egypt inks five gold exploration deals with $13m investment

Egypt inks five gold exploration deals with $13m investment
Minister of Petroleum and Mineral Resources, Tarek El-Molla

Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, witnessed the signing of five gold exploration agreements between local and Canadian companies and the Egyptian Mineral Resources Authority (EMRA).

The agreements cover 13 blocks with estimated investments of $13 million, El-Molla said in a statement on Thursday.

A total of 11 companies won a tender launched by the Egyptian government for gold exploration in the Eastern Desert.

Three deals were signed with Canada's Lotus Gold for gold exploration in 11 blocks with an investment of $9 million, while Mining and Manufacturing Company (MEDAF) was awarded a one-block exploration contract with an investment of $3 million.

In addition, Ebdaa for Gold Mining signed a contract for gold exploration in one block with an investment of $1 million.

The remaining eight companies are expected to sign their respective contracts in the upcoming period.