The Minister of Petroleum and Mineral Resources, Tarek El Molla, announced the launch of the first international bid round for gold mining in 2020, according to a press release.
This was announced during a press conference, held by the minister on February 25.
El Molla said that the bid round will cover a total area of around 56,000 kilometer square in the Eastern Desert and the Red Sea to be posted for several sectors, adding that the bid round will take place from March 15 to July 15.
The minister declared that the bid will be held by a royalty and taxes system, noting that the companies that would like to participate should propose their offers to the Egyptian Mineral Resources Authority (EMRA).
He stated that the the new modifications in the Mineral Resources Law in addition to the Investment Law are making bid rounds more attractive to investors.
Moreover, El Molla announced that Egypt will participate in PDAC: The World’s Premier Mineral Exploration and Mining Convention in Canada next March, which will allocate a whole day for Egypt through which the bid rounds will be promoted and the updates of the mining sector will be showcased.
He also confirmed that next period will witness more flexibility and professionalism in dealing with the mining investments through training programs to develop mining activities and procedures. He added that the ministry has trained the first group of 60 miners and it will be followed by other two groups.