Egypt invites gold miners to explore for first time since 2009

Egypt will invite international gold mining companies to explore for the precious metal in the North African country for the first time since 2009.

The government expects to issue a tender for concessions in early December, Omar Taima, chairman of the Egyptian Mineral Resources Authority, said by phone from Cairo. He said details of the tender will be issued later.

Centamin Plc operates Egypt’s only active gold mine, and the shares have more than doubled this year as production increased and gold prices rallied. Alexander Nubia International Inc., a Vancouver-based miner, is exploring for gold in the country’s Eastern Desert, about 800 kilometers (497 miles) southeast of Cairo, and may open a mine by 2019. Gold could help Egypt boost exports and generate foreign reserves after this month allowing supply and demand to determine the value of its currency.

Source: Bloomberg