BUSINESSMining companies awarded blocks in Egypt’s Eastern Desert are set to start exploring for gold under a legislative overhaul that seeks to eventually unlock vast untapped mineral resources. Despite plentiful reserves and a rich mining history that gave rise to elaborate Pharaonic gold jewellery, Egypt has just one commercial gold mine in operation. One year after launching its first bid round under the new rules, it has clinched five gold exploration contracts and kept the tendering system rolling as it tries to build momentum. Egypt’s mining drive is still at an early stage. However, the retention of a tendering process for exploration blocks limited the chances of any gold boom, said Sami El-Raghy, chairperson of Australia-based Nordana.

Source: News 24 April 24, 2021 22:07 UTC