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Egypt, Barrick Gold pen 4 contracts for gold exploration

Egypt, Barrick Gold pen 4 contracts for gold exploration

ArabFinance: Egypt has signed four contracts with Canadian miner Barrick Gold for gold exploration in the country's Eastern Desert, according to a recent statement by the Oil Ministry.

Under the deals, Barrick will search for gold in 19 blocks in the Eastern Desert, with a total investment of $8.8 million, marking 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.

In July, the government signed four gold exploration contracts with Canadian miner B2Gold and Australian gold miner and Sukkari operator Centamin, with investments exceeding $17 million.

In February, he government signed 10 gold exploration contracts worth a combined $11 million with four mining companies: Naguib Sawiris-backed Akh Gold, Red Sea Resources, the North Africa Mining and Petroleum Company (NAMC), and Al Abadi Mining.



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