{"id":560192,"date":"2021-02-18T03:55:11","date_gmt":"2021-02-18T03:55:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/signed-sealed-and-delivered\/"},"modified":"2021-02-18T03:55:11","modified_gmt":"2021-02-18T03:55:11","slug":"signed-sealed-and-delivered","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/signed-sealed-and-delivered\/","title":{"rendered":"Signed, sealed, and delivered"},"content":{"rendered":"

<\/a> Another four mining companies signed yesterday 10 new gold exploration contracts <\/strong>worth a combined USD <\/strong>11<\/strong> mn with the Oil Ministry<\/strong>, after being awarded concessions in the Eastern Desert in a tender issued last year, according to a ministry statement<\/a>. Yesterday\u2019s contracts bring the grand total to 15, after the ministry had previously signed<\/a> five agreements worth USD 13 mn.<\/p>\n

Who now has keys to their concessions?<\/strong> Naguib Sawiris-backed Akh Gold signed contracts to explore nine concessions worth USD 4.1 mn, Red Sea Resources was awarded five concessions worth USD 5.5 mn, the North Africa Mining and Petroleum Company (NAMC) landed two concessions worth USD 1 mn, and Al Abadi Mining received one concession worth USD 636k.<\/p>\n

Who\u2019s already inked a contract? <\/strong>Canadian miner Lotus Gold and local firms Mining and Manufacturing Company (MEDAF) and Ebdaa Gold Mining inked their agreements last month.<\/p>\n

Who\u2019s still left:<\/strong> Canada\u2019s Barrick Gold and B2Gold, British firm SRK, and Australian gold miner and Sukkari operator Centamin also received exploration awards<\/a> from the tender, but have yet to sign their contracts.<\/p>\n

With the exploration sale now closed, Naguib was the latest to pile on praise for the amended Mineral Resources Act <\/strong>passed in 2019<\/a><\/strong>, saying the changes gave local and international firms a significant push to participate in the latest bid round, the statement notes. Launched last year<\/a>, the tender was the first of its kind since the amendments became the law of the land. The new legislation \u2014 which met with praise from industry leaders \u2014 gives investors more favorable terms, including doing away with production sharing agreements and introducing a more attractive model. Bloomberg<\/a> also took note of Naguib\u2019s nice words.<\/p>\n

LOOKING AHEAD- Bidders in the second round of the gold exploration tender now have an extra two months to submit their paperwork<\/strong>, after the Egyptian Mineral Resources Authority extended the deadline to 15 May from 15 March previously. The extension is meant to allow investors more time to submit bids, Reuters<\/a> reports. The tender was issued in November.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another four mining companies signed yesterday 10 new gold exploration contracts worth a combined USD 11 mn with the Oil Ministry, after being awarded concessions in the Eastern Desert in a tender issued last year, according to a ministry statement. Yesterday\u2019s contracts bring the grand total to 15, after the ministry had previously signed five […]<\/p>\n","protected":false},"author":1,"featured_media":560193,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8008],"tags":[1945,3445,2569,72,3677,373,2065,371],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-akh-gold","tag-barrick-gold","tag-centamin","tag-enterpriseam","tag-medaf","tag-mining","tag-naguib-sawiris","tag-oil-ministry","wpautop","entry"],"acf":{"mongo_id":"b7746b80-3be0-43fe-a181-c1d84a60edef","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/272.jpg","photo_position":"above","related_issue":[560181],"teaser":"","voice_url":""},"yoast_head":"\nSigned, sealed, and delivered - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/signed-sealed-and-delivered\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signed, sealed, and delivered\" \/>\n<meta property=\"og:description\" content=\"Another four mining companies signed yesterday 10 new gold exploration contracts worth a combined USD 11 mn with the Oil Ministry, after being awarded concessions in the Eastern Desert in a tender issued last year, according to a ministry statement. 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They reportedly include Ankh Resources, Sawiris-backed Akh Gold, Canadian miner Lotus Gold, and Marine Logistic.Lotus and Akh are familiar faces: Naguib Sawiris-backed Akh Gold signed contracts for nine\u2026","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566901,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/canadas-barrick-inks-four-gold-exploration-contracts\/","url_meta":{"origin":560192,"position":2},"title":"Canada\u2019s Barrick inks four gold exploration contracts","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Canadian miner Barrick Gold has inked four gold exploration contracts with a combined USD 8.8 mn with the Oil Ministry, according to a ministry statement, which said this is the Toronto-listed miner\u2019s first investment in Egypt. According to the terms of the agreement, Barrick will search for and mine gold\u2026","rel":"","context":"In "SPEED ROUND: NATURAL RESOURCES"","block_context":{"text":"SPEED ROUND: NATURAL RESOURCES","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-natural-resources\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563657,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/two-new-gold-exploration-contracts-set-to-be-signed\/","url_meta":{"origin":560192,"position":3},"title":"Two new gold exploration contracts set to be signed","author":"enterpriseam admin","date":"12 July 2021","format":false,"excerpt":"The government is set to sign two gold exploration contracts with two companies, Al Mal reported yesterday afternoon, citing an anonymous senior official. The companies are expected to be from a list of three including Canadian miner Barrick Gold, B2Gold and Australian gold miner and Sukkari operator Centamin.The contracts were\u2026","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561871,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/altus-akh-gold-could-invest-usd-200-mn-if-it-strikes-gold-in-egypt\/","url_meta":{"origin":560192,"position":4},"title":"Altus\u2019 Akh Gold could invest USD 200 mn if it strikes gold in Egypt","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"Altus Strategies could invest as much as USD 200 mn in Egypt if it makes a commercially viable discovery in its new gold exploration concessions, Reuters reports. Akh Gold, a subsidiary of the Naguib Sawiris-backed company, landed four exploration licenses for nine blocks in the Eastern Desert in February and\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/250.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547099,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/","url_meta":{"origin":560192,"position":5},"title":"Shalateen Mining to launch international gold tender for at least five Eastern Desert concessions","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"Shalateen\u2019s gold areas up for grabs: State-owned Shalateen Mining Company plans to launch an international gold and minerals exploration auction for at least five areas in the Eastern Desert in the coming weeks, Bloomberg Asharq reported Monday, citing sources it says are in the know. 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