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There are reports that Canada’s Barrick Gold, and Australia’s Centamin, international gold-producing entities, are negotiating with Egypt’s Ministry of Petroleum to finalize gold exploration agreements’ terms. Reports say that negotiations revolve around royalty, and tax rates among others.
There are reports that Canada’s Barrick Gold, and Australia’s Centamin, international gold-producing entities, are negotiating with Egypt’s Ministry of Petroleum to finalize gold exploration agreements’ terms. Reports say that negotiations revolve around royalty, and tax rates among others. A group of negotiators preferred fixed tax rates, which can be increased later on. However, those are speculations as there was no official confirmation about the negotiations and the outcome.
Egypt invited international bids for gold exploration and exploitation in the Eastern Desert in 2020, which was won by 11 companies, with investment commitments amounting to US$60 million in the first stage. The outbreak of processing of bids got delayed due to the Covid-19 pandemic.
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Earlier this year, the Egyptian Ministry of Petroleum and Mineral Resources launched an international bid for gold exploration allowing Egypt the right to explore for gold in the Eastern Desert through the state-run Shalateen Mineral Resource Company (SMRC). The Northern African country will invest at least US$1 billion in the mining sector by 2030.
