The Egyptian Ministry of Petroleum said that the Mineral Resources Authority signed 4 contracts to search for gold with Canada’s Barrick Gold, the second largest gold exploration company in the world.
The ministry added in a statement that this is the company’s first investment in Egypt, and that it will search for gold in 19 sectors in the Eastern Desert, with a total investment of $8.8 million.
Barrick Gold is among 11 international and Egyptian companies that won a bid to search for gold last November.
This tender included 320 sectors with a total area of 56 thousand square kilometers.
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