Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, witnessed the signing of 10 gold exploration agreements between four local, British, and Canadian companies and the Egyptian Mineral Resources Authority (EMRA).
The agreements cover 17 blocks with estimated investments of $11.2 million, El-Molla said in a statement on Wednesday.
A total of 11 companies won a tender launched by the Egyptian government for gold exploration in the Eastern Desert.
Four deals were signed with Sawiris-backed Altus Strategies’ subsidiary Akh Gold for gold exploration in nine blocks with an investment of $4.1 million, while Red Sea Resources was awarded three contracts for five blocks with investments of $5.5 million.
In addition, North Africa for Mining and Industry signed two contracts for two blocks with investments of $1 million, while El-Abadi Mining Company inked a contract for gold exploration in one block with investments of about $636,000.
