Egypt braces for global tender for gold explorations in Q1-2016

euro money

The Egyptian Mineral Resources Authority (EMRA) is set to launch an international bid round for mining explorations in nine concession areas within the first quarter of 2016, chairman Omer Taima announced Wednesday.

This planned move aims to boost the mining sector’s contribution to the Egyptian GDP in the coming years.

The concession areas, located in the Eastern Desert and South Sinai regions, are Oum Oud (55km south west of Marsa Alam), Hengalia (south Red Sea), Aboul Rous (east of Rafah), Oum Hamra (Red Sea), Hamata (south of Cairo, 250km from Marsa Alam), Bakari (Eastern Desert), and El-Barameya (between Marsa Alam and Edfu).

EMRA was established in 1896, the Egyptian Mineral Resources Authority (EMRA) is the authority entrusted with the geological mapping of the country and to explore, discover and evaluate its mineral wealth. EMRA also offers technical advice to a variety of governmental departments, mining companies, land reclamation and housing projects.

In December 2014, the Egyptian government has replaced a 60-year-old law regulating mineral resources in Egypt with a new one, in a bid to attract foreign investment to the country’s mining sector.

The new law will increase public revenues and improve the sector’s business environment.

Leave a comment