Thirteen gold exploration concessions will soon be up for grabs: The Oil Ministry plans to launch an international bid round for the exploration of gold and minerals in 13 concessions in Shalateen and Aswan, a government source told Enterprise yesterday. The tender is expected to launch at the beginning of 2024. The story was first picked up by Asharq Business.

Egypt wants to up its gold production by 5% a year to reach 1.6 mn ounces by 2031, the source said. As part of its efforts to boost gold production and attract investments, the government in 2020 switched up contracting systems to be based on a royalties model instead of the mandated revenue split between the investor and the Egyptian Mineral Resource Authority.

What about the bid round for brownfield sites? Ten companies — three local and seven international firms —- have so far submitted bids for brownfield sites in the Eastern Desert up for auction by the state-owned Shalateen Mining Company, unnamed sources told Al Borsa.The company launched the tender in May and will reportedly close the door on receiving bids on 9 November.

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