International firms compete for gold exploration opportunities in Egypt's eastern desert
Date
3/13/2024 7:12:36 AM
(MENAFN) In a significant development for Egypt's mining sector, the country recently initiated its first international bid for gold exploration, attracting four prominent international companies to vie for the opportunity. According to a government official who spoke to Al-Sharq on the condition of anonymity, the bid centered around areas near the renowned Sukari mine, a key gold mining site in the country. The participating companies included Canadian firm "Lotus Gold," Russian entity "Infinity," British company "Nuba Mines," and Saudi Arabian enterprise "Steps."
The bid, launched last May, targeted exploration activities in the Eastern Desert, focusing on regions such as "Ftairi," "Al-Baramiya," "Aqoud," "Umm Aoud," and "Hamata." The move underscores Egypt's commitment to harnessing its mineral resources and fostering economic development through strategic partnerships with international players.
Ownership structures within the Egyptian mining sector reveal a diversified landscape. The Egyptian General Authority for Mineral Resources holds a 35 percent stake in Shalatin Mineral Resources, with the National Service Projects Agency of the Ministry of Defense possessing 34 percent, the National Investment Bank owning 24 percent, and the Egyptian Wealth Company holding 7 percent.
The government official emphasized that the companies' proposals concentrated on gold exploration in two specific areas adjacent to the Sukari mine in southern Egypt. This focused approach aligns with Egypt's broader strategy to bolster its mining industry and capitalize on the country's rich mineral reserves.
Egypt aims to significantly enhance investments in the mining sector, with plans to allocate one billion dollars until 2030. The country seeks to attract more international companies to invest in this vital sector, signaling its commitment to fostering growth, creating employment opportunities, and leveraging its natural resources for sustainable development.
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