|23 February, 2020

Egypt to launch bid round in March for gold exploration in Eastern Desert - official

Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched

Egypt's national flag is seen across the Hamama Camp site set up on the Alexander Nubia concession in the Eastern Desert near the southern province of Luxor,Egypt May 20, 2016. Picture taken May 20, 2016.

Egypt's national flag is seen across the Hamama Camp site set up on the Alexander Nubia concession in the Eastern Desert near the southern province of Luxor,Egypt May 20, 2016. Picture taken May 20, 2016.

Reuters/Amr Abdallah Dalsh

CAIRO - Egypt plans to launch an exploration round for gold in its Eastern Desert in the first half of March, an official at the mineral resources authority said on Sunday.

Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official said.

The country's Eastern desert is believed to be highly mineral-rich as it forms part of an area known as the Arabian-Nubian shield, a geological feature that stretches from Saudi Arabia and Yemen in the east to Sudan and Egypt in the west.

Egypt in January issued new regulations that appeared to eliminate the need for mining companies to form joint ventures with the government and to limit state royalties to a maximum 20%.

(Reporting by Ahmed Ismail; writing by Nadine Awadalla; editing by Philippa Fletcher) ((Nadine.Awadalla@thomsonreuters.com;))

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