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Wednesday, 10 February 2021

Akh Gold snags exploration licenses for 9 Eastern Desert blocks

Sawiris-backed Altus Strategies subsidiary Akh Gold has landed four gold exploration licenses for nine blocks in the Eastern Desert from the Egyptian Mineral Resources Authority, the company announced in a statement yesterday. Altus Strategies had said last month that it expected to be awarded licenses for the blocks shortly, after being one of 11 companies to land exploration rights to 82 concession blocks in the Eastern Desert in a tender launched last March. Canada’s Lotus Gold, Egypt’s Ebdaa Gold, and the Mining and Manufacturing Company (MEDAF) signed contracts for licenses to mine 11 blocks in the Eastern Desert last month.

Background: Altus Strategies expanded its activities in Egypt after amendments to the Mineral Resources Act offering investors more attractive terms were approved in 2019, and following the acquisition by Egyptian-owned La Mancha of a 35% stake in Altus in February 2020. Oil Minister Tarek El Molla had announced that Egypt would issue a new gold exploration tender every four months.

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