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Egypt Today
“The Government of Egypt signed five contracts for gold exploration with an estimated total cost at $13 Million”, Petroleum Ministry announced on Thursday.
The contracts were signed by the Egyptian General Authority for Mineral Resources, Canadian and Egyptian companies, in presence of Minister of Petroleum and Mineral Resources Tarek el-Molla.
The contracts include 3 contracts with the Canadian company ‘Lotus Gold’, a specialist in gold explorations, in 11 sectors with a total investment estimated at $9 Million dollars. The Egyptian Mining and Manufacturing Company (MEDAF) signed one contract for gold explorations with an investment totalling $3 Million. The final contract is worth $1 Million, which was signed with the Egyptian company Ebdaa for Gold Mining to search in one area.
“The signing of the first gold exploration contracts represents an actual translation of amendments to the legislation and regulations of mining investment, which reflected positively on the investment climate and helped place Egypt on the map of global investment in the search for gold”, el-Molla highlighted.
He added that the remaining contracts will be signed in the near future with the winning companies.
