Egypt, ATON Resources Sign Preliminary Agreement to Amend Abu Marawat Concession Terms

On the sidelines of the Egypt Mining Forum 2025, Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a preliminary agreement to study the amendment of the Abu Marawat concession agreement. The proposed amendments aim to allow ATON Resources Inc. to increase its foreign investment in the concession areas, thereby enhancing returns for the Egyptian state.

The concession, originally issued under Law No. 96 of 2007, is located in Egypt’s Eastern Desert and is considered a promising site for gold and mineral exploration.

The agreement is a direct result of the Letter of Intent previously signed in London between the Ministry of Petroleum and Mineral Resources and ATON Resources Inc. (formerly Alexander Nubia) during the Egypt-UK Business Day.

Signing the agreement were Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA), Dr. Mohamed El-Bagoury, Head of the Central Legal Affairs Department, and Tonno Vahk, CEO of ATON Resources Inc.

This step reflects the government’s ongoing efforts to attract more foreign investment into the mining sector and create a more flexible and investor-friendly legislative environment while ensuring the state receives a fair share of revenues.