04 March 2021 11:29 AM

Petroleum: 5 contracts signed to prospect for gold at $13mln investments

Thursday، 21 January 2021 - 01:18 PM
Minister of Petroleum and Mineral Resources Tarek el Molla

Minister of Petroleum and Mineral Resources Tarek el Molla has witnessed the signing of five contracts to prospect for gold by Canadian and Egyptian companies with the Egyptian Mineral Resources Authority at total investments worth about 13 million dollars.


In statements on Thursday, Molla said the signing of the contracts is a genuine translation of amendments to mining investment systems and legislation.


The move is positively reflected on the investment atmosphere in this vital sector and helps place Egypt on global investment map for prospect for gold and attracts several international and Egyptian mining companies, he added.


He said his ministry is keen on fully supporting mining investments by removing any obstacles.


As many as 11 companies won in the first global tender for gold exploration in 82 sectors.


Three contracts were inked with Canadian Lotus Gold Corporation to prospect for gold in 11 sectors at total investments, worth about nine million dollars.


The fourth was signed with Egyptian Medaf Company for mining and industry in one sector at total investments of three million dollars.


The last contract was inked with Ebdaa Gold Mine, an Egyptian mining company, working in gold exploration and production, to prospect in one sector at investments of some one million dollars.


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