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Wednesday, 25 November 2020

Egypt to launch gold mining exploration tender in March

Egypt has recently changed the law on mining, with the aim of luring new investors

Ahram Online , Tuesday 25 Feb 2020
Centamin gold mining (Ahram)
Centamin gold mining (Ahram)
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Egypt will launch its first international tender for gold exploration and other minerals on 15 March, the petroleum ministry said in a statement on Tuesday.

The round will run until 15 July, and will offer blocks spanning 56,000 square kilometers in the mineral-rich Eastern Desert.

In January Egypt issued the executive regulations for a new mining law aimed at wooing investors. The new measures limit state royalties to a maximum of 20 percent and eliminate a previous requirement to enter into joint ventures with the Egyptian government.

The four-month bid will be organised under the royalties and tax system, instead of the profit and production-sharing system that was previously applied.

The announcement comes a few weeks after Egypt approved a mining license for Canada-based gold miner Aton Ressources for the first time since Centamin received its mining license in 2005.

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