barrick gold

Egyptian Minister of Petroleum and Mineral Resources, Tariq al-Mulla, said on Tuesday that Egypt will launch the first international bid in 2020 for gold and other minerals exploration in Egypt in mid-March.

Tariq al-Mulla made the announcement during a press conference in Cairo.

The round of the bid will last until July 15, the Egyptian minister said, adding that the exploration will be carried out in the mineral-rich Eastern Desert.

He added that a new law for mineral wealth has been issued in 2019, noting that the law and investment amendments are the first step in the way of developing the mining sector.

The Eastern Desert in Egypt is believed to be highly mineral-rich as it is 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.

In January, Egypt issued new regulations that apparently eliminate the need for mining companies to form joint ventures with the government and limit state royalties to a maximum of 20 percent. Enditem



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