EMRA extends int’l gold and mineral exploration bid round by 2 months

EMRA extends int’l gold and mineral exploration bid round by 2 months: The Egyptian General Authority for Mineral Resources (EMRA) will extend the year's first international gold and mineral exploration bid period by two months to 15 September because of the covid-19 pandemic, an Oil Ministry statement said on Wednesday.

Background: The bid round began on 15 March and was originally scheduled to end on 15 July, and marks the first time the industry tests legislative amendments passed last year that scrapped production sharing agreements in favor of a more investment-friendly tax, rent, and royalty model. An industry source said last month that ten undisclosed mining companies, which they did not disclose, have taken out condition booklets for the bid round to scope out a 56k sqkm exploration area in the Eastern Desert.