The Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the signing of 10 new contracts for gold exploration with investments more than $11 million.

El Molla assured the success of gold bid rounds for gold mining, as the results of first phase will develop the mining sector in Egypt. This came during the signing with four English, Canadian, and Egyptian companies to exploit 17 new areas for gold exploration with the Egyptian Mineral Resources Authority (EMRA) with total investment of about $11.2 million.

AKH Gold, which is owned by Naguib Sawiris, signed four contracts with total investment of about $4.1 million to explore gold in nine areas in the Eastern Desert. The Canadian Red Sea Resources Company signed three contracts with a total investment of about $5.5 million, while North Africa Mining Company signed two contracts to explore two areas with about $1 million of investments. Finally, one contract was signed by Al-Abadi Mining Company to explore one area with about $636,000 of investments.

As per the statement, Sawiris said the new mining law and its executive regulations gave a strong push for international and Egyptian mining companies to apply for the bid round.