Egypt signs agreement with Barrick Gold to boost gold mining investments

Egypt’s Ministry of Petroleum and Mineral Resources signed a framework agreement on Thursday with Canadian mining company Barrick Gold, paving the way for the company to invest in gold ore exploitation within the country.

The agreement grants Barrick the opportunity to secure concession areas, pending necessary approvals and legal formalities, as part of Egypt’s ongoing efforts to attract global investments and modernise its mining sector.

The signing ceremony took place in London during the British Egyptian Business Association (BEBA) mission, led by Minister Karim Badawy. Key discussions during the meeting included finalising a revised exploitation agreement model developed in collaboration with the ministry of finance.

Barrick Gold representatives praised Minister Badawy for accelerating the agreement’s approval process and expressed enthusiasm for acquiring additional concession areas. This collaboration underscores Egypt’s dedication to fostering sustainable investment and advancing its mining sector, which holds significant potential for economic growth.

The ministry of petroleum and mineral resources has embraced a transparent and cooperative approach to revitalising the mining industry. Through partnerships with international stakeholders, the ministry recently introduced an updated mineral exploitation agreement framework, which serves as a cornerstone for modernising the sector, enhancing the investment climate, and ensuring equitable benefits for all parties involved.

Attribution: Ministry of Petroleum and Mineral Resources

Subediting: Y.Yasser