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Image for illustrative purpose. A worker at the Ashanti goldfields big mine in Obuasi, Ghana, prepares sheets of steel wool that contain gold in the final stage of processing before the gold is poured in this October 23, 2003 file photo. REUTERS/Luc Gnago/Files
Egypt's petroleum ministry has yielded an agreement with mining firms Barrick Gold Corp and Centamin Plc on the commercial, fiscal, and legal arrangements for the exploitation of gold and associated minerals in a number of concession blocks they had been awarded, the ministry said in a statement on July 20th.
On July 16th, it was reported that Egyptian Ministry of Petroleum and Mineral Resources will sign seven contracts with Centamin and Barrick Gold for the commercial exploitation of gold discoveries.
The deals will allow the government to obtain 50% of the net profit achieved from the commercial operation of the gold mine when it is operational.
Centamin PLC is the operator of Egypt’s largest gold mine Sukari.
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