Egypt, Barrick Gold, Centamin to finalize gold mining deal
Egypt is preparing to finalize agreements with Barrick Gold (Canada) and Centamin (UK/Jersey) for gold exploration in a 3,000-square-kilometer area in its Eastern Desert. This comes as part of a 2020-2021 exploration initiative by the Ministry of Oil and Mineral Resources, which had awarded exploration contracts to several foreign firms.
The ministry is currently drafting the financial, legal, and commercial terms for these contracts, with Oil and Mineral Resources Minister Karim Badawi expected to oversee the signing in the coming weeks. These agreements will establish the framework for production sharing and other key operational terms, marking a significant step forward in Egypt’s efforts to boost its mineral resource sector. Barrick Gold and Centamin are major global players in gold mining, and their involvement underscores Egypt’s growing appeal in the mining industry.
Mining in Egypt
Mining in Egypt relates to the country’s significant mineral bodies of tantalite, coal, gold, iron ore and heavy mineral sands. While mining in Egypt has a long history that predates antiquity, it has been under-explored in more modern times, meaning large mineral deposits remain intact, offering excellent investment potential for affluent discoveries.
Egypt has 100 mines, with the Igat mine holding one million ounces of gold and the Sukari Gold Mine having 12 million ounces of gold. The country looks to inject around $1bn in the mining industry by 2030.
