Cairo – Mubasher: Several leading gold mining companies have expressed their interest to participate in Egypt’s anticipated gold exploration tender.

During his participation in the World’s Premier Mineral Exploration and Mining Convention (PDAC 2020) in Canada, the Egyptian minister of petroleum Tarek El-Molla met with key industry players who hailed the recent improvements in the mining sector in Egypt, according to a statement on Wednesday.

Sprott US Holdings

The CEO of Sprott US Holdings, Rick Rule, voiced the company’s interest to take part in the gold mining tender scheduled to be launched in mid-March.

La Mancha Resources

In addition, the executive vice president of La Mancha Resources, Vincent Benoit, commended the recent amendments to the mining regulations which switched to a tax and royalty system instead of the production-sharing system.

Benoit also affirmed the company’s interest to participate in the anticipated tender and inject large investments into the mining sector in Egypt.

Land survey

El-Molla revealed that an area of about 500,000 square kilometres in the Western Desert will be surveyed through remote sensing techniques as part of the country’s plan to launch further gold mining tenders in the future.

Kinross Gold

Senior officials of Kinross Gold also pointed out that the recent regulative amendments have encouraged the company to place Egypt among its top five investment priorities for the coming years.

Centamin

During his meeting with El-Molla, the deputy chairman of Centamin, James Rutherford, affirmed that the new mining regulations will encourage major mining companies to enter the Egyptian market.

Ecuador

Moreover, Javier Cordova, the former Ecuadorian mines minister, also hailed the steps taken by Egypt to develop the mining sector, noting that the country is set to become one of the largest mining hubs in the world.

Source: Mubasher

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