Egypt is poised to finalize a significant agreement with two Western companies for gold exploration in a 3,000-square-kilometer area of its Eastern Desert. The Ministry of Oil and Mineral Resources is currently drafting the financial, commercial, and legal terms of the contract with Barrick Gold, a Canadian firm, and Centamin, a company registered in Jersey with operations in the UK and Egypt.
These two companies were awarded gold exploration contracts as part of the Ministry’s 2020-2021 exploration competition, along with several other foreign firms. However, the final agreement outlining production sharing and other essential terms is yet to be signed.
Oil and Mineral Resources Minister Karim Badawi is expected to oversee the signing of this final agreement in the coming weeks, marking a crucial step in Egypt’s efforts to enhance its mining sector and attract foreign investment in gold exploration.
