Egypt awards eight gold, metal mining exploration licenses: Ministry

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Egypt awarded eight gold and metal mining exploration licenses in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry.

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Four companies won the licenses - Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.

Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin’s Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy.

The country is targeting $1 billion dollars of investment in the sector.

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