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In This List

Report: Egypt to launch gold exploration tender in March 2020

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Report: Egypt to launch gold exploration tender in March 2020

Egypt will launch an international tender for gold exploration by early March after the country relaxed its mining rules, Bloomberg News reported Feb. 17, citing a person familiar with the matter.

The tender would be the first since 2017, which failed to gain traction due to uncompetitive terms, the report said.

In a bid to attract investors, Egypt recently imposed new regulations limiting mining taxes and allowing private miners to develop projects without forming joint ventures with the government.

Egypt is also expected to quickly grant exploration licenses under the new rules, the report said, citing Acacia Consultants.

Vancouver, Canada-based Aton Resources Inc. recently secured a mining license for its Abu Marawat gold property, the first such award from Egypt since Centamin PLC's license was granted more than a decade ago.

Centamin operates Egypt's only active gold mine, Sukari, which produced 480,529 ounces of gold in 2019.