Egypt announces winning of 4 companies in bidding for gold exploration in Eastern Desert - News Summed Up

Egypt announces winning of 4 companies in bidding for gold exploration in Eastern Desert


CAIRO - 1 June 2022: The Egyptian General Authority for Mineral Resources announced the results of the global bid for gold and minerals in the Eastern Desert for the year 2020, in its second round. The authority indicated that 8 areas were assigned to 4 English, Canadian and Egyptian companies, according to a statement by the Egyptian Ministry of Petroleum. The result of the second round of bidding represents a success in attracting new investments despite the successive global challenges represented by the Corona pandemic and then the Russian-Ukrainian crisis, with their negative repercussions on the global economy and the injection of investments, and an extension of what was achieved in the first round of bidding during which 82 regions in the Eastern Desert were assigned to 11 Egyptian and international companies. This comes within the framework of the continuous bidding system to search for gold in promising areas, and it is continuing to be applied in accordance with the gains of the Egyptian mining sector development and modernization program, which created important incentives for investors searching for gold locally and internationally to work in Egypt after amending the Mineral Resources Law and its executive regulations.


Source: Egypt Today June 01, 2022 21:26 UTC



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