The Ministry of Petroleum and Mineral Resources (MoPMR) and Aton Resources Incorporation signed a Letter of Intent (LoI) to study amending the concession agreement issued to the company to allow it to increase its investments within the concession areas, which maximizes the return to Egypt.

The LOI was signed by Tõnno Vähk, CEO of Aton Resources, and Moataz Atef, Undersecretary of the Ministry for the Minister’s Office and Technical Office Affairs and the official spokesperson for the Ministry.

In this context, the MoPMR announced the successful completion of the newly amended Mineral Exploitation Agreement Model. This agreement reflects ongoing efforts to enhance the investment climate and establishes a robust framework for mutual benefit, aligning with Egypt’s comprehensive strategy to modernize the mining sector.

This comes within the participation of Minister of Petroleum and Mineral Resources, Karim Badawi, in the British Egyptian Business Association (BEBA Egypt) mission in London, and as part of the Ministry’s efforts to advance the mining sector and attract investments in gold extraction, the Ministry has adopted a cooperative and transparent approach through consultations with global partners to refine the contracting framework.

In this context, Karim Badawi, Minister of Petroleum and Mineral Resources, met with Aton Resources Inc. officials. In the presence of Atef.

The meeting discussed the latest developments in the company’s work in gold prospecting and exploration in its concession area in Abu Marawat in the Eastern Desert.

The Minister praised the positive results achieved by the company recently, as it achieved two commercial discoveries, at Hamama and West Rodruin, seeking to establish a new factory to process gold extracted from mines in its working areas. Badawi highlighted the provision of full support to the company to accelerate the pace of work in its areas and expand its activities in Egypt.

For his part, Vähk reiterated his company’s commitment to increasing investment in Egypt as an important partner, praising the close cooperation with the Ministry and the Mineral Resources Authority, and the attractiveness of the new mining law in Egypt, expressing his optimism about achieving more successes.