Egypt Signs Contract For Gold Mining With USD 2.5 Mln Investments

11/26/2023 6:11:25 AM

(MENAFN- Kuwait News Agency (KUNA)) CAIRO, Nov 26 (KUNA) -- The Egyptian Mineral Resources Authority (EMRA) and Lotus Gold Corporation Co. signed on Sunday a contract for gold mining in three sectors with investments estimated at USD 2.5 million.
According to a statement from the Ministry of Petroleum, Egyptian Mineral Resources Authority Chairman Yaser Ramadhan and Regional Director of Lotus Gold Corporation Omar Abdulnasser signed the contract in the city of Marsa Alam with the attendance of Minister of petroleum and Mineral Resources (Eng) Tareq Al-Mulla, Canadian Ambassador Louis Dumas, and Director of Lotus Gold Corp. Michael Silver.
The statement added that the Canadian corporation participated in the first and second rounds of the International Gold Bid in 2020. It obtained seven sectors that cover an area of about 1,219 km2, and then inked two research contracts that include the areas which were delivered to the company in 2021 after obtaining all the necessary approvals and requirements.
The corporation obtained three sectors, with a space of 525km2, in the second round of the International Gold Bid.
Minister Al-Mulla added that Egypt managed to amend the Mineral Wealth Law, issue its executive regulations and launch international bids under the amended law.
The Minister stressed that Egypt has succeeded in attracting diverse investments and is working on localizing the mining industry by using modern and advanced technologies in partnership with serious entities, pointing to the importance of developing Egypt's infrastructure as a distinct investment attraction factor. (end)
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