Egypt to pen gold exploration contracts with Centamin, Barrick Gold within days

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Arab Finance: The Egyptian Ministry of Petroleum and Mineral Resources will sign seven contracts with Centamin and Barrick Gold this week for the commercial exploitation of gold discoveries, Asharq Business reported on July 16th, citing unnamed sources with the matter.

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, according to one of the sources.

In July 2022, Barrick Gold signed contracts for gold exploration in Egypt and staked its investments on reaching a binding agreement for the commercial exploitation of gold reserves discovered in its concession areas.

As per the contracts sealed with the Egyptian mineral resources authority (EMRA), Barrick Gold will invest $8.8 million in 19 new sectors to search for gold in the Eastern Desert.

The Australian Centamin, the owner of Egypt’s largest gold mine Sukari, is pumping investments worth $9.1 million for exploration in 19 sectors.