The Ministry of Petroleum suspended the bidding system for releasing the upcoming sites for gold mining. The bidding system will be replaced with setting the direct contract with the concerned companies.
Dr. Adel Amer, the economic expert, said that the decision will be a good motivation for attracting more investments during the upcoming period.
He added that the bidding system is no longer applied in the mostly of the countries around the world, in addition, the cancelling of this system was after the end of second bid for mining of gold in the Eastern Desert last week which witnessed low poor turnout with only four companies, compared to 11 participants for the previous one in 2020.
The expert continued that setting direct contract between the Egyptian Mineral Resources Authority and the companies and investors who are interested in having the rights of gold mining in the new sites.
Contributed by: Rana Atef
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