The Ministry of Petroleum said in a statement, Wednesday, that the contracts included signing four contracts with AKH Gold, a company affiliated to Egyptian businessman Naguib Sawiris, with a total investment of about $ 4.1 million to search for gold in nine sectors in the Eastern Desert. It also included the signing of three contracts with the Canadian Red Sea Resources Company, one of the international companies working in the field of gold exploration and exploitation in five sectors, with a total investment of about $ 5.5 million. Moreover, there are two contracts for North Africa Mining Company to search in two sectors with investments of about $1 million, and a contract with Al-Abbadi Mining and Contracting Company to search in one sector, with a total investment of about $636,000. He emphasized that Egypt possesses large mineral resources that will be an important tributary of the national economy, praising the efforts of the Ministry of Petroleum and Mineral Resources in developing the mining sector. Five contracts for gold exploration and exploration were previously signed within the winning bid with total investments estimated at $ 13 million in 13 sectors with the Canadian Lotus Gold Company, the Egyptian Medaf Company for Mining and Industry, and the Egyptian Ebdaa Forjold Company.

Source: Egypt Today February 17, 2021 16:18 UTC