An official at the Egyptian Mineral Resources Authority (EMRA) said that the country plans to launch a global tender bid for gold exploration in the eastern desert during the first half of March.
"The eastern desert will be presented to the block system investors, with each stage closed four months after its launch, according to the official, who asked not to be named."
According to Bloomberg, billionaire Naguib Sawiris, chairman of La Mancha Holding Company, announced that the government is in talks with his company and others to participate in the bid that is intended for gold exploration.
The official added, "The bid will be offered through the royalty and tax system and a share for the government."
It is believed that the eastern desert of Egypt is rich in gold, but the early complexities and regulatory obstacles have prevented decades of opening them to private investment.
Gold production in Egypt is currently concentrated in Al-Sukari mine in the Eastern Desert, which is run by the London-listed Centamin Company.
Also, a Canadian company holds two mineral concessions, Abu Marawat covering an area of 1,027 square kilometers and the Fatiri covering an area of 1,745 square kilometers. The Abu Marawat Concession was also previously controlled by Centamin.
Bloomberg pointed out earlier that the Egyptian billionaire Naguib Sawiris is the second-biggest winner from the rise of the yellow metal globally.
Backed by the Federal Reserve’s easing policy, gold rose nearly 16 percent last year, preparing for its best year since 2010, the agency added.
Follow the latest news on Google News
