Egypt launches a global gold exploration bid for five Eastern Desert regions

Sohaila Khaled, Sunday 9 Apr 2023

Egypt announced on Friday a global bid for exploration and exploitation of gold and associated minerals for the first time in 2023 in five Eastern Desert regions through Shalateen Mineral Wealth Company (SMRC), as reported by the Egyptian Mineral Resources Authority.

Gold bars
File Photo: Gold bars. Al-Ahram

 

Shalateen Mineral Wealth Company was established in 2012 to explore and exploit gold and other ores in the area between latitudes 22 to 24 degrees north in the Eastern Desert.

It aims to coordinate uncontrolled gold mining and re-exploit old mines in the area.

The Egyptian Mineral Resources Authority owns 35 percent of Shalateen Mineral Wealth Company.

Other owners include the National Service Projects Organisation (34 percent), the National Investment Bank (24 percent) and the Egyptian Mineral Resources Company (7 percent).  

The bidding is open from 10 April until 10 August, and includes blocs in 5 areas in the Egyptian Eastern Desert, namely Fatiri, Umm Ud & Hangaliya, Atud, Barramiya and Hamata.

Egypt is stepping up attempts to increase investment in its mining sector, particularly in gold.

It seeks to attract $1 billion in mining investment by 2030.

The Egyptian Mineral Resources Authority (EMRA) assigned, through an international tender, four local and foreign companies in June 2022 to search for gold and minerals in eight areas in the Eastern Desert.

These four companies are: Lotus Gold, AKH Gold, Marine Logistics Gold Mining, and Ankh Resources.

Despite the ongoing global challenges, including the economic impact of the Covid-19 pandemic and the Russia-Ukraine crisis, these tenders have succeeded in attracting new investments.

There are currently 11 international and local companies that own concessions for gold exploration and exploitation in the country.

 

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