Egypt Awards 11 Companies Tenders To Mine For Gold, 7 Foreign Firms - Ministry

MOSCOW (Pakistan Point News / Sputnik - 19th November, 2020) Egypt has awarded 11 out of 17 international mining companies tenders to develop gold mines in the country, the Ministry of Petroleum and Mineral Resources said on Thursday.

According to a statement published on the ministry's website, the companies were allotted a total of 82 blocks, which is the equivalent of 14,000 square kilometers (5,405 square miles) of territory in the eastern deserts of the country. These companies are to invest no less than 60 million Euros into the development of their blocks.

Seven foreign companies were awarded tenders: Australian Centamine, Canadian Barrick Gold Geology and Lotus Gold Corporation, and UK's Red Sea Resources, B2Gold, AKH Gold and SRK.

The ministry also announced it was accepting applications for prospecting rights through March 2021, with the prospect of developing mines of iron, copper, zinc and more.

Petroleum Minister Tarek al-Mullah said in June that the ministry is eyeing a program to boost the mining industry by attracting� $375 million in foreign investments over the next two years and up to $1 billion by 2030.