November 23, 2020

Egypt awards gold exploration tender to 11 firms


ArabFinance: A total of 11 companies, out of 17 bidders, won the gold exploration tender for 82 blocks in Egypt’s Eastern Desert, Minister of Petroleum and Mineral Resources Tarek el Molla announced on November 19th.

The winners include Barrick Gold, Lotus Gold Corporation, and B2Gold companies from Canada, the statement noted.

El Molla added that British firms Red Sea Resources, AKH Gold, and SRK are among the awarded firms, in addition to Australia’s Centamin.

The oil minister noted that the remaining four winners are local, namely Mining and Manufacturing Company, North Africa Mining and Petroleum Company, Al Abadi, and Ebdaa for Gold Mining.

The companies will collectively spend at least $60 million (EGP 935.88 million) in investments during the early stages of the exploration process, El Molla remarked.

Centamin said last month that it would collaborate more with its partners at the Egyptian mineral resources authority as well as the petroleum ministry.

arabfinance


Categories : finance & economy

Finance & Economy

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