Egypt, Barrick Gold sign 4 contracts for gold exploration

The company, based in Toronto, will search for gold in 19 blocks in the Eastern Desert, with a total investment of $8.8mln

  
An old abandoned mine is pictured in the eastern desert near the southern province of Luxor, Egypt May 20, 2016.

An old abandoned mine is pictured in the eastern desert near the southern province of Luxor, Egypt May 20, 2016.

REUTERS/Amr Abdallah Dalsh

CAIRO - Egypt has signed four contracts with Barrick Gold for gold exploration in the country's Eastern Desert, the ministry of petroleum and mineral resources said on Tuesday.

The company, based in Toronto, will search for gold in 19 blocks in the Eastern Desert, with a total investment of $8.8 million, the ministry added in a statement.

It will be the company's first investment in Egypt.

Barrick Gold was one of 11 companies that was awarded 82 exploration blocks in Egypt in an international bid round in 2020.

(Reporting by Ehab Farouk; writing by Mahmoud Mourad; editing by Kirsten Donovan) ((mahmoud.mourad@thomsonreuters.com))


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