The Egyptian Ministry of Petroleum and Mineral Resources said today that the General Authority for Mineral Resources in Egypt has signed 5 gold exploration agreements with Canadian and Egyptian companies, with a total investment of $ 13 million.
The contracts that were signed included three contracts with the Canadian “Lotus Gold” company, one of the international companies working in the field of gold exploration, in 11 sectors, with a total investment estimated at 9 million dollars, in addition to a contract with the Egyptian company “Medaf” for mining and industry to search in One sector with investments amounting to 3 million dollars, in addition to a contract with the Egyptian company “Ebdaa Forgold” to search in one sector, with a total investment of about one million dollars.
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, said that signing the contracts is the first of the gold search contracts, and represents an actual translation of amendments to the legislation and regulations for mining investment, which reflected positively on the investment climate in this sector and helped place Egypt on the map of global investment in research For gold, attracting a multitude of international and Egyptian mining companies.
Al-Mulla stressed that the ministry is keen to provide full support for mining investments by quickly overcoming challenges and ending procedures, in a way that ensures achieving the best results and returns for both sides of these investments, pointing out that the interest of Egyptian companies to invest in the field of gold search is an important addition that enriches mining activity and enhances From the role of national capital in this vital area.
He added that the rest of the contracts will be signed successively during the coming period with the rest of the winning companies.
In 2019, Egypt enacted a new mining law, in an effort to encourage mineral exploration and production.