Egypt’s Minister of Petroleum and Mineral Resources Witnesses Signing of Preliminary Amendment to Abu Marawat Gold Agreement

Eng. Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, witnessed the signing of the preliminary version of an amendment to certain clauses of the agreement for the exploration and extraction of gold and associated minerals in the Abu Marawat area of the Eastern Desert. The agreement is a collaboration between the Egyptian Mineral Resources Authority (EMRA) and the Canadian company Aton Mining Inc.

The signing aims to pave the way for completing the legislative procedures required to amend the agreement, enhancing investment opportunities in the area where commercially viable gold deposits have been discovered and are currently being exploited in accordance with international standards, ensuring sustainable investments in the mining sector.

The agreement was signed by Yasser Ramadan, Chairman of the Mineral Resources Authority, Dr. Mohamed El-Bagoury, Head of the Ministry’s Legal Affairs Department, and Mr. Sherif Barakat, General Manager of Aton Mining Inc.

Minister Karim Badawi highlighted that the purpose of this agreement is to establish a sustainable financial model that enables companies to increase investments, maximize success opportunities, and achieve significant discoveries, benefiting both investors and the state while supporting the overall mining industry.

He added that Egypt’s mining sector is progressing in the right direction with ongoing development of the regulatory framework, emphasizing the ministry’s commitment to coordinating efforts with all state institutions to facilitate investors’ operations.

Badawi also called on active mining companies to participate in developing the new system, stressing that the Mineral Resources Authority operates under a “one-stop-shop” approach to complete procedures efficiently, supported by a dedicated team ready to address any challenges immediately.

Aton Mining Inc. has made a promising gold discovery in the Abu Marawat area through its exploration activities, enabling the transition to commercial exploitation.

Under the agreement, the company has been granted a mining concession exceeding 57 km² in the “Hammama West” and “Rodruin” areas within Abu Marawat. Additionally, 255.04 km² has been approved as retention areas in Abu Marawat and South Safaga, completing the procedures outlined in the agreement.

The newly established “Abu Marawat Gold Mines Company,” a joint venture between the Mineral Resources Authority and Aton Mining, will carry out extraction activities according to global best practices.