UK’s Veritas, Ghassan Spain, East Gas, Resolute win Egypt gold tender

Big 5

Egyptian Oil Minister Tarek el-Molla announced Monday four companies, including two from Britain and Spain, as winners in the country’s gold mining exploration tender for five concessions in the Eastern Desert and Sinai Peninsula.

Britain’s Veritas Mining Limited and Ghassan Spain Investment have won gold concessions in Um El Rus and Dahab in Sinai, respectively.

Egypt’s East Gas Company has won two concessions in Om Oud and Hangalia in Sinai. Resolute Egypt also won two in Umm Samra and Bukari, about 50 kilometres northwest of Centamin Egypt Limited’s flagship multi-million ounce Sukari Gold Mine.

Egypt is hoping that gold production can be a future source of growth for its struggling economy. It began accepting bids in January for five concessions in its first tender for new gold exploration since 2009. The deadline for bids was April 20 and the result was due in May.

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