4 firms eyes gold mining in Egypt
Four firms have expressed interest in gold exploration near the Sukari mine in Egypt. This follows a recent international bidding, organized by Shalatin Mineral Resources Company to support of country’s efforts to boost investments in its mining industry.
The companies competing for exploration rights near the Sukari mine include Lotus Gold from Canada, Nubian Mines based in the UK, Saudi Steps Group, and a Russian company. Two areas have near Sukari mine have been identified as potential mining sites.
Egypt mining sector
Egypt is actively seeking to enhance investments in its mining sector, particularly in gold. The government has outlined plans to invest one billion dollars in the mining sector by 2030. Following the exploration and development of the two gold-rich areas near the Sukari mine, Egypt plans to open up three additional regions for a fresh round of auctions, indicating a continued focus on expanding the mining sector.
Gold production from the Sukari mine has been on the rise, reaching 450,000 ounces by the end of 2023, up from 440,000 ounces in 2022. Centamin, the English company that owns the mine, provided this data. The country has been engaged in negotiations with global gold-producing entities such as Canada’s Barrick Gold and Australia’s Centamin. These negotiations aim to finalize terms for gold exploration agreements in the Eastern Desert.
Most of the winning companies in the recent bidding round have received their concessions and commenced exploration activities. Notably, Centamin and Barrick Gold have been at the forefront of negotiations with the government to establish the terms of exploitation and production agreements.
