Back to the complete issue
Tuesday, 4 December 2018

EMRA to hand over gold exploration concessions after Mineral Resources Act is amended

EMRA to hand over concessions from 2017 gold tender after Mineral Resources Act is amended: The Egyptian Mineral Resources Authority is holding off on handing over the five concessions awarded in its 2017 gold exploration tender until after the amendments to the Mineral Resources Act are finalized and passed, an EMRA source tells Amwal Al Ghad. The winners of the tender were UK’s Veritas Mining Limited, Ghassan Spain Investment, Egypt’s East Gas Company, and Resolute Egypt, who will collectively invest USD 41.3 mn.

Background: The government has sent the amendments to the act to the House of Representatives for review, Oil Minister Tarek El Molla said last month. El Molla reiterated that the amendments — the details of which remain unclear — were made primarily to draw investments in the flagging mining sector, which has been hobbled by an outdated economic framework better suited to the oil and gas industry. Wood Mackenzie has been contracted by an affiliate of the Oil Ministry to lay out an appropriate development strategy for the sector. The firm identified four key challenges facing Egypt’s mining sector, and its suggestions have largely been incorporated in the proposed amendments to the Mineral Resources Act.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.