The Egyptian Mineral Resources Authority (EMRA) and the Canadian company, Barrick Gold Corporation, have signed four contracts related to gold exploration in the Egyptian territories.
The Canadian company is the largest gold production company of its kind in the world, and is ranked second globally in the activity of gold search.
The contracts were signed by EMRA head Khaled El-Sheshtawy and Joel Holiday, Vice President of Barrick Gold, who signed via videoconference. Tarek El Molla, Minister of Petroleum and Mineral Resources, was present to witness the signing of the contracts.
Under the contracts, Barrick Gold will for the first time invest in Egypt in the field of mining and gold prospecting, which will take place in 19 new sectors in the Eastern Desert. A total investment estimated at $8.8m will be made, after winning the first global bidding rounds put forward by the Ministry of Petroleum and Mineral Resources in 2020 with its modern system.
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