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Wednesday, 20 May 2020

10 companies have taken out condition booklets to bid for Egypt’s gold mining round

Gold miners aren’t spooked by the coronavirus: Ten mining companies have taken out condition booklets for Egypt’s ongoing international gold and mineral exploration bid round, an industry source said, without naming the potential bidders. The Egyptian Mineral Resources Authority has been making it easier for foreign companies interested in purchasing booklets to make payments, the source said, without providing further details.

Background: The bid round began on 15 March and will end on 15 July with investors looking at a 56k sq km exploration area in the Eastern Desert. This will be the first time the industry tests legislative amendments passed last year that scrapped production sharing agreements in favor of a more investor-friendly tax, rent and royalty model.

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