Top Gold Mining Co. To Enter Egyptian Market

Vice president of "Newmont Gold" for international relations Nicholas Coates, confirmed his company's interest in entering the upcoming bidding for gold in Egypt.

This came during a meeting held by the Egyptian Minister of Petroleum Tareq Al-Mulla, with Coates and the company's vice president for strategic planning.

During the talks, the developments in the Egyptian mining sector were reviewed, in addition to the upcoming tender offers, conditions and the new system, which attracts investors to pump more investments into the Egyptian mining sector.

An official at the Egyptian Mineral Resources Authority said that the country plans to launch a global bid for gold exploration in the Eastern Desert during the first half of March, using block mining methods with each stage closed after four months.

It is noteworthy that Newmont is one of the top gold mining companies with the largest proven gold reserves in the world and is one of the biggest companies operating mines worldwide.

Also, Canadian mining company Aton Resources announced that it has obtained a license to extract gold in Egypt.

Aton said in a recent statement that the Egyptian authorities agreed to their request to obtain a license to exploit the “Hamama” and exploration areas in the Abu Marawat” concession in southern Egypt.