Minister of Petroleum and Mineral Resources Karim Badawi met with Barrick Gold officials in the presence of Moataz Atef, Undersecretary of the Ministry for the Minister’s Office and Technical Office Affairs and the official spokesperson for the Ministry.

The meeting witnessed the signing of a framework agreement, which allows Barrick Gold to invest in Egypt by obtaining concession areas to exploit gold upon completing all necessary approvals and procedures under the provisions of the law.

The signing and meeting took place on the sidelines of Badawi’s participation in the British Egyptian Business Association (BEBA Egypt) mission in London.

The meeting discussed cooperation efforts between the two sides, most notably the exploitation agreement model, which was recently agreed upon between the Ministry of Petroleum and Mineral Resources, the Ministry of Finance, and Barrick Gold. For their part, Barrick Gold officials praised the efforts of Minister Badawi in accelerating the procedures for finalizing the agreement.

Barrick Gold officials also discussed their willingness to obtain new concession areas in Egypt, noting the importance of finalizing the approvals for the agreement model to ensure the application of its provisions to the new areas they seek to obtain.

For his part, the Minister called on Barrick Gold to participate in the new bid round for gold and associated minerals, scheduled to be launched during the first quarter of 2025.