Altus Strategies Plc announced that the subsidiary AKH Gold Limited will be awarded gold exploration licenses in the Eastern Desert by the Egyptian Mineral Resources Authority (EMRA).

Steven Poulton, Chief Executive of Altus, stated that “we are delighted and honored that our subsidiary Akh Gold, will be awarded a number of gold exploration licenses in the Eastern Desert of Egypt.”

Poulton also added that “our decision to expand our activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act. It also reflects our belief in the substantial investment opportunity present in the country and is in line with our strategy to continue to grow our diversified portfolio of projects and royalties.”

It is worth noting that the company was one of the 11 companies that won gold exploration rights in 82 concession areas in the Eastern Desert in a tender that was commenced in 2020.