Egypt to launch gold mining exploration tender in March
Ahram Online, , Tuesday 25 Feb 2020
Egypt has recently changed the law on mining, with the aim of luring new investors


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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