The Egyptian Mineral Resources Authority (EMRA) is not doing Egypt any favors with the terms and conditions it laid down for its latest bid round, Patrick Werr writes for The National. He echoes a similar sentiment to Aton Resources’ CEO Mark Campbell, who wrote for us last week urging EMRA to seize Egypt’s “golden opportunity.” Werr says, “A better approach would be to treat [mining companies] as venture capital companies, most of which will eventually fail. Try offering them a one-year reconnaissance license and letting them choose which areas to explore. They don’t need such large concession areas. Eliminate as many of the upfront costs as possible to attract as many exploration companies as possible. Abolish the joint ventures and production-sharing agreements with the government and extend exploration and exploitation periods, up to 30 years perhaps.”

Tags: