Egypt on Thursday signed the first five gold exploration contracts with companies that had been awarded blocks in an international bid round in November, the petroleum and mining ministry said in a statement.
For all the latest headlines follow our Google News channel online or via the app
The contracts, worth a total of $13 million, were signed with Canada’s Lotus Gold, Egypt’s MEDAF and Ebdaa for Gold Mining. Contracts with the remaining companies awarded blocks would be signed soon, the statement said.
Egypt, which has only one commercial gold mine, is targeting $1 billion in investment in the mining sector. The November round was the first after the country’s mining law was amended.
- UAE’s FAB to be top foreign bank in Egypt after Bank Audi deal
- Egypt foreign ministry says agreed with Qatar on resuming diplomatic relations
- First Qatar-Egypt flight since 2017 takes off from Doha
- Bank ABC from Bahrain acquires Blom Bank Egypt for $480 mln: Sources
- Egypt signs MOU with Siemens for building $23 bln high-speed electric train line
- Egypt to get $1.1 bln from ITFC to fund petroleum, food commodity imports in 2021