Egypt announces bid for gold exploration in five Eastern Desert regions

Egypt announces bid for gold exploration in five Eastern Desert regions

Egypt announced a global bid for the exploration and exploitation of gold and associated minerals for the first time in 2023 in five Eastern Desert regions through Shalateen Mineral Wealth Company (SMRC), according to the Egyptian Mineral Resources Authority.

The bidding is open from 10 April until 10 August and includes blocs in 5 areas in the Egyptian Eastern Desert, namely Fatiri, Umm Ud & Hangaliya, Atud, Barramiya and Hamata.

Egypt is aiming at boosting the mining sector, particularly in gold. The country seeks to attract US$1 billion in mining investment by 2030.

The SMRC aims to coordinate uncontrolled gold mining and re-exploit old mines in the area.

The Egyptian Mineral Resources Authority owns 35 percent of Shalateen Mineral Wealth Company. Other owners include the National Service Projects Organisation (34 percent), the National Investment Bank (24 percent), and the Egyptian Mineral Resources Company (7 percent). 

The Egyptian Mineral Resources Authority (EMRA) assigned, through an international tender, four local and foreign companies in June 2022 to search for gold and minerals in eight areas in the Eastern Desert.

These four companies are Lotus Gold, AKH Gold, Marine Logistics Gold Mining, and Ankh Resources.

The tenders have succeeded in attracting new investments, despite the ongoing global challenges.

There are currently 11 international and local companies that own concessions for gold exploration and exploitation in the country.

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