Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi oversaw the signing of the initials of a draft amendment to the commitment agreement governing gold and associated minerals exploration and exploitation in the Abu Marwat area of the Eastern Desert, the ministry stated on December 24th.

The draft amendment was agreed upon between the Egyptian Mineral Resources Authority (EMRA) and Canada-based Aton Mining Inc., paving the way for completing the required legislative procedures.

The amendment is intended to support investment in the Abu Marwat area, which has recorded a commercially viable gold discovery that is currently under development, in line with developments in global gold mining.

The agreement aims to establish a financial model that allows companies to increase investments, improve project viability, and pursue new discoveries, while delivering returns for investors and benefits for the state and the mining sector.

Badawi said that the mining sector continues to develop through updates to its regulatory framework and coordination among state institutions to facilitate investors’ work.

The minister called on operating companies to take part in developing the new system, noting that the EMRA operates a one-stop-shop mechanism to complete procedures and address challenges through a dedicated team.

Aton Mining’s exploration and prospecting activities in the Abu Marwat area resulted in a gold discovery that enabled the project to advance to the commercial exploitation phase.

The company was granted an exploitation contract covering more than 57 square kilometers in the Hamama West and Rudruin areas within the Abu Marwat region.

In addition, a retention area of 255.04 square kilometers was allocated across the Abu Marwat and South Safaga regions, in accordance with the agreement.

Exploitation activities will be carried out by Abu Marwat Gold Mines Company, established between the EMRA and Aton Mining.

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