Egypt signs 4 contracts to search for gold with the second largest company in the world


The Ministry of Petroleum and Mineral Resources in Egypt announced the signing of 4 contracts to search for gold between the Mineral Resources Authority and the Canadian “Barrick Gold” company, which is the largest of its kind in the world in gold production and is ranked second in the world in gold search activity.

Under the contracts, the Canadian company invests for the first time in Egypt in the field of mining and gold prospecting in 19 new sectors in the Eastern Desert, with a total investment of about $8.8 million, after winning the first round of global bidding put forward by the Ministry of Petroleum and Mineral Resources in 2020 with its modern system.

The Egyptian Minister of Petroleum, Eng. Tarek El Molla, said that the reforms undertaken by the ministry in mining sector It succeeded in maximizing Egyptian and foreign investments in searching for gold in Egypt and dealing with the challenges facing this sector in an effort to make optimal use of the promising opportunities to search for gold and various mining ores.

He explained that the global bid that was put forward last year came with positive results, pointing out that the entry of the Canadian Barrick Gold Company into the Egyptian mining sector as one of the largest global investors in gold activity will be the beginning of a strong partnership between the two sides in pursuit of more joint work. It will represent an important and strong addition to this activity in Egypt.

For his part, the Vice President of “Barrick Gold” Exploration Company, Joel Holiday, confirmed that his company seeks to build a strong and long-term partnership with Egypt, praising the great development witnessed by the Egyptian mining sector during the recent period, which confirms that Egypt is on its way to building a strong mining industry. .

It is noteworthy that Barrick Gold Corporation was founded in 1978 and is headquartered in Toronto, Canada. It conducts mining operations in a number of countries in the world, such as Canada, Australia, Argentina, Zambia and others.


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