Minister of Petroleum and Mineral Resources, Tarek El Molla, has witnessed the signing of four contracts for gold exploration between the Egyptian Mineral Resources Authority (EMRA) and Barrick Gold company, with investments worth $8.8 million, a press release announced.

According to the terms included in the contracts, Barrick will invest in 19 new areas in the Eastern Desert.

This came after winning in the first round in the international gold bid conducted in 2020. The contracts were inked by the Khaled Al-Shishtawy, Chairman of EMRA and Joel Holliday, the Vice President Global Exploration of Barrick Gold, via videoconference.

El Molla highlighted the reforms the mining sector is witnessing, which succeeded in maximizing the Egyptian and foreign investments in gold exploration in Egypt.

For his part, Holliday affirmed that his company seeks a robust and long-term partnership with Egypt. He praised the great developments in the mining sector in Egypt during the past period.

The signing ceremony was attended by Alaa Khashab, Deputy Minister of Petroleum for Mineral Resources and Yasser Ramadan, Deputy Chairman of EMRA.