The Minister of Petroleum witnesses the signing of the first gold exploration contracts with investments of 13 million dollars

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Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, witnessed the signing of 5 contracts for research and exploration for gold for Canadian and Egyptian companies with the Egyptian General Authority for Mineral Resources, with a total investment estimated at $ 13 million in 13 sectors, which is the first gold prospecting contract that resulted from the global auction The first for the year 202, which was put forward by Egypt, and its results were announced last November.

The contracts that were signed included three contracts with the Canadian Lotus Gold Company, one of the international companies working in the field of gold exploration, in 11 sectors with a total investment estimated at 9 million dollars, in addition to a contract for the Egyptian Medaf Company for Mining and Industry to search in one sector with investments of 3 million dollars. In addition to a contract with the Egyptian Ebdaa Forjold Company to search in one sector, with a total investment of about one million dollars.

Engineer Tariq Al-Mulla explained that the signing of the first gold search contracts represents an actual translation of the amendments to the legislation and regulations of mining investment, which reflected positively on the investment climate in this sector and helped place Egypt on the global investment map in the search for gold and attracted a multitude of international and Egyptian mining companies .

Al-Mulla stressed that the ministry is keen to provide full support for mining investments by quickly overcoming challenges and ending procedures to ensure the best results and returns for both sides of these investments, pointing out that the interest of Egyptian companies to invest in the field of gold search is an important addition that enriches mining activity and enhances The role of national capital in this vital area.

He added that the rest of the contracts will be signed successively during the coming period with the rest of the companies winning the bid.

The signature was attended by Eng. Alaa Khashab, Deputy Minister for Mineral Resources, geologist Osama Farouk, Chairman of the Mineral Resources Authority, and representatives of the winning companies.



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