Red Sea Resources plans $10m investment in Egypt’s gold exploration

Canada’s Red Sea Resources announced on Wednesday the completion of surface exploration and preliminary drilling in Egypt, outlining plans for further exploration. The company expects its investment in the North African country to reach an approximate $10 million by next year.

During a meeting with Yasser Ramadan, chairman of the Egyptian Mineral Resources Authority (EMRA), the company provided an update on its detailed exploration program and explored future opportunities in Egypt’s mining sector. Red Sea Resources also expressed interest in expanding its investments and acquiring additional exploration areas in the country.

For his part, Ramadan revealed that Egypt plans to launch a new bidding round for gold and associated mineral exploration later this year, opening up further opportunities for investors.

The meeting concluded with an agreement to hold regular monthly discussions to monitor project progress and address any challenges faced by the company, ensuring a smooth path for future operations.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser