The Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the signing of five gold exploration contracts for Canadian and Egyptian companies with the Egyptian Mineral Resources Authority (EMRA) with $13 million investments to search in 13 areas. These are the first contracts to be signed as a result of Egypt’s first 2020 gold bid round.

These contracts included three contracts with the Canadian Lotus Gold Corporation searching in 11 areas with a total investments of $9 million; a contract for the Egyptian Mining and Manufacturing Company (MEDAF) with investments of $3 million, and a contract with the Egyptian Ebdaa for Gold Mining Company to search in one area with $1 million investments.

El Molla stated that these contracts reflected positively on the mining sector investments; putting Egypt on the global investment map for gold exploration and attracting many international and Egyptian mining companies. He also added that the ministry is keen to provide full support for mining investments, highlighting that the rest of the contracts will be signed during the coming period with the rest of the companies that win the bid.

It was attended by Alaa Khashab, Deputy Minister for Mineral Resources, Osama Farouk, Chairman of the EMRA, and representatives of the winning companies.