Shalateen Mineral Resources Company is preparing to launch a global bid for gold and minerals exploration in the eastern desert of Egypt.

The bidding will include sites with local investments for small miners, also known as individual mining, to cut down on random mining and conserve wasted wealth. It will also include sites for global investments, a source from the company told Egypt Oil & Gas Newspaper.

It is expected that the first company in terms of production globally will participate in the Shalateen company bid, the source added.

The Egyptian Mineral Resources Authority (EMRA) owns 35% of the company, while the National Service Projects Organization of the Ministry of Defense owns 34%, the National Investment Bank holds 24%, and the Egyptian Company for Mineral Resources (ECMR) holds 7%, according to Bloomberg Asharq.