Egypt to launch international gold exploration bid round in 200 areas soon

2 weeks ago

Egyptian customers react for the prices of gold bars and coins inside a shop at the gold market area, as gold prices recorded an increase after devaluation of the local currency, in Cairo, Egypt January 12, 2024. REUTERS/Amr Abdallah Dalsh

The bid will cover over 200 areas in the Eastern Desert that attract mining companies and investors

Staff Writer, Arab Finance

November 6, 2024

The Egyptian government is planning to launch an international gold exploration bid round in the Eastern Desert before the end of this year, a government official told Asharq Business.

The bid will cover over 200 areas in the Eastern Desert that attract mining companies and investors, the official noted.

He added that the bid would be launched once the parliament approves the contract on the commercial exploitation of gold and minerals signed between the Egyptian General Authority for Mineral Resources (EMRA), the Canadian Barrick Gold, and Centamin.

The contract was signed for the areas in which the two firms won the international bid three years ago in the Eastern Desert.

In the third quarter (Q3) of 2024, production from Egypt’s Sukari Gold Mine (SGM) rose 30% year on year (YoY) to 131,700 ounces.

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