Egypt issues eight gold and metal mining exploration licences

Egypt awarded eight gold and metal mineral exploration licences in the eastern desert region seeking to raise the investments this underdeveloped industry, Ministry of Petroleum stated on Wednesday.

The authority indicated that the eight regions assigned to four English, Canadian and Egyptian companies, which are Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.

The result of the second round of bidding represents a success in attracting new investments despite the alternative global challenges represented in the Corona pandemic following the Russian-Ukrainian crisis, with their negative effects on the global economy and the flow of investments.

Egypt has only one commercial gold mine in operation, Centamin Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy.

Egypt targeting $1 billion of investment mining exploration.