Egypt on Thursday signed the first five gold exploration contracts with companies that had been awarded blocks in an international bid round in November, the petroleum and mining ministry said in a statement.
The contracts, worth a total of $13 million, were signed with Canada’s Lotus Gold, Egypt’s MEDAF and Ebdaa for Gold Mining. Contracts with the remaining companies awarded blocks would be signed soon, the statement said.
Egypt, which has only one commercial gold mine, is targeting $1 billion in investment in the mining sector. The November round was the first after the country’s mining law was amended.