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

Tarek El Molla, Minister of Petroleum and Mineral Resources, announced the results of Egypt’s gold bid round, where 11 national and international mining companies won the rights for exploring 82 concession areas for gold in Egypt.

Canadian firm Barrick Gold, Egypt-focused Centamin, and Naguib Sawiris' La Mancha Resources are competing in Egypt's international bid round for gold mining, which the Ministry of Petroleum and Mineral Resources announced last February.