14 firms bidding for Egypt’s international gold tender

Around 14 companies are taking part in Egypt’s gold international for gold exploration, a senior source in the Egyptian Mineral Resources Authority (EMRA) told Amwal Al Ghad on Wednesday.

Egypt on Jan. 15 invited gold miners to bid for exploration rights in five areas of South Sinai and Eastern Desert by April 20.

Unlike a royalty and tax system applied in most countries, Egypt offers investors a production-sharing agreement similar to its oil and gas deals.

The tender had been announced in November of 2006, in an effort to increase the mining sector’s contribution to the economy, which has been at a standstill since the 2011 revolution and currently accounts for only 1 percent of the GDP.