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Egypt to launch gold exploration tender on March 15 -minister

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02/25/2020 | 04:50am EDT

Egypt plans to launch an international exploration round for gold and other minerals from March 15 running until July 15, the petroleum minister said on Tuesday.

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, a geological feature that stretches from Saudi Arabia and Yemen in the east to Sudan and Egypt in the west.

Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, an official at the mineral resources authority said on Sunday.

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 of 20%.

(Reporting by Ehab Farouk; Writing by Ulf Laessing; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.80% 1613.26 Delayed Quote.7.18%
MINERAL RESOURCES LIMITED 8.58% 14.93 End-of-day quote.-16.67%
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