The Egyptian Mineral Resources Authority (EMRA) announced the result of the international bidding for gold and minerals in the Eastern Desert for the year 2020, in its second round. EMRA indicated that eight regions were assigned to four British, Canadian and Egyptian companies.

The result of the second round of bidding represents a success in attracting new investments despite the successive global challenges such as the corona pandemic and the Russian-Ukrainian conflict. This reflects an extension of what was achieved in the first round of bidding in which 82 regions in the Eastern Desert were awarded to 11 Egyptian and international firms.

This comes within the framework of the system of continuous bidding for gold search auctions in promising areas, and it is continuing to be applied in accordance with the gains of the Egyptian mining sector’s development and modernization program. In addition, this also created important incentives for investors searching for gold locally and internationally to work in Egypt after amending the Mineral Resources Law and its executive regulations. As a result, a system was inaugurated to launch auctions for searching for gold and minerals on an ongoing basis.