Egyptian President Abdel-Fattah El-Sisi ordered the establishment of an integrated city for the manufacture and trade of gold in the country.
According to an official statement, El-Sisi ordered for providing the needed financial resources to establish the city in accordance with the latest technology in the field, reflecting Egypt’s rich history in the industry.
His directives came during a meeting with Prime Minister Mostafa Madbouly, Petroleum Minister Tarek El-Molla and other officials.
He ordered for the supplying of essential industry and manufacture materials, exhibits and labour training. As well as, taking into account the logistical aspects in terms of choosing the city’s location to benefit from the new road networks in allowing easier accessibility.
Egypt passed a legislation last year to ease exploration rules and to attract investors to its gold sector as it sought to attract gold mining firms for its first major tender since 2017 in the Eastern Desert.
Seven international and four local companies, out of the 17 that applied for licences, have been awarded tenders for gold exploration in Egypt’s Eastern Desert, the petroleum minister said in late 2020.
It included 290 blocs spread over 250,000 square km. The 11 companies won the bid to explore 82 blocs, or 28 percent of the total and the equivalent to 14,000 square km.
The tender was the first since the approval of amendments to the mineral resources law, which granted investors more facilities and privileges.
A second round of bidding will be scheduled for March 2021 for the exploration of deposits of 10 minerals in 208 blocs spread over 38,000 square km in the Eastern Desert.