Egypt to Launch Bid Round in March for Gold Exploration

Business

February 24th, 6:53am

Cairo - Asharq Al-Awsat

FILE PHOTO: Flakes of gold leaf are pictured in Tokyo April 4, 2008. REUTERS/Michael Caronna/File Photo

Egypt plans to launch an exploration round for gold in its Eastern Desert in the first half of March, an official at the mineral resources authority said on Sunday. Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official told Reuters. The country’s Eastern desert is believed to be highly mineral-rich as it forms part of an area known as the Arabian-Nubian shield. Egypt in January issued new regulations that appeared to eliminate the need for mining companies to form joint ventures with the government and to limit state royalties to a maximum 20 percent.

from Asharq AL-awsat https://aawsat.com/english/home/article/2146721/egypt-launch-bid-round-march-gold-exploration