{"id":569500,"date":"2020-02-26T04:40:54","date_gmt":"2020-02-26T04:40:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/"},"modified":"2020-02-26T04:40:54","modified_gmt":"2020-02-26T04:40:54","slug":"egypt-to-launch-intl-gold-exploration-bid-round-on-15-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/","title":{"rendered":"Egypt to launch int\u2019l gold exploration bid round on 15 March"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egypt will launch an international bid round for gold and mineral exploration on 15<\/strong> <strong>March<\/strong>, and will accept bids until 15 July, <a href=\"https:\/\/ent.news\/2020\/2\/Oil-Ministry-gold-exploration-tender-announcement-25-2-2020.pdf\">the Oil Ministry said in a statement (pdf)<\/a>. Investors will bid for exploration in the Eastern Desert over an area totaling 56k sqkm using the block-basis concessions system, with blocks around 170 sqm each, <a href=\"https:\/\/alborsaanews.com\/2020\/02\/25\/1300252\">the local press reports<\/a>. Winning bids will be awarded <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N2AP29B\">within four months of the tender<\/a> being launched.<\/p>\n<p><strong>The ministry will launch new gold exploration tenders every four months<\/strong>, Minister Tarek El Molla <a href=\"https:\/\/alborsaanews.com\/2020\/02\/25\/1300252\">said in a press conference yesterday<\/a>.<\/p>\n<p><strong>One caveat:<\/strong> Companies which have not submitted \u201cserious\u201d bids in previous auctions will not be considered in next month\u2019s tender, <a href=\"http:\/\/bit.ly\/37V8ak3\">the minister said<\/a> without elaborating.<\/p>\n<p><strong>An acid test for the government\u2019s regulatory reform:<\/strong> This will be the first tender of its kind since amendments to the Mineral Resources Act designed to jump-start investment in the sector <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/11\/mineral-resources-act-amendments-set-for-parliamentary-approval-before-summer-recess\/\">were passed last year<\/a>. Under the new regulations, gold mine operators will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49d3a74b-d8a6-4539-9445-8aca2dd62bed\">pay the minimum 5% royalty<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56149e41-08f8-4aff-b4f1-378cf03086b2\">EGP 25k in rent each year<\/a> per sq km, and income tax of 22.5%. <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/11\/mineral-resources-act-amendments-set-for-parliamentary-approval-before-summer-recess\/\">Kind words have been said<\/a> about the legislation\u2019s more investor-friendly terms, but whether this translates into more investment will be determined largely through investor appetite in the coming tenders.<\/p>\n<p><strong>How popular will the tender be? It\u2019s too early to tell: <\/strong>Centamin \u2014 currently Egypt\u2019s sole gold producer \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/709f74be-da2a-4763-8102-c63d6d0aaff1\">said last week<\/a> that it was waiting on further information before deciding whether it will submit a bid. La Mancha Mining Chairman Naguib Sawiris has been less circumspect, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d6acc37-7a7f-4797-9b61-4dd3b5d7fd39\">saying last week<\/a> that he\u2019s \u201cwilling to participate in any area that could be promising.\u201d<\/p>\n<p><strong>Sawiris Shalateen mining talks confirmed:<\/strong> El Molla <a href=\"http:\/\/bit.ly\/37Tq9Y9\">confirmed during a press conference yesterday<\/a> that the government is in talks with Naguib Sawiris to sell a 51% stake in its Shalateen mining company. The Egyptian bn\u2019aire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0323710c-522f-47ec-a20f-414c95c079a5\">said earlier this week<\/a> that La Mancha was in negotiations for the majority stake in the state-owned company. Ownership of Shalateen is split between several government organizations: The Egyptian Mineral Resources Authority owns 35%, the military\u2019s National Service Projects Organization 34%, the National Investment Bank 24% and the Egyptian Company for Mineral Resources 7%. It remains unclear which companies are in talks with Sawiris to offload or reduce their stakes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt will launch an international bid round for gold and mineral exploration on 15 March, and will accept bids until 15 July, the Oil Ministry said in a statement (pdf). Investors will bid for exploration in the Eastern Desert over an area totaling 56k sqkm using the block-basis concessions system, with blocks around 170 sqm [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":569501,"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":[8572],"tags":[2569,2121,72,7093,3689,3688,373,2065,371,2018,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-centamin","tag-egyptian-mineral-resources-authority","tag-enterpriseam","tag-gold","tag-la-mancha","tag-mineral-resources-act","tag-mining","tag-naguib-sawiris","tag-oil-ministry","tag-shalateen-mining","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6b6dc75f-f325-4023-ac97-64fff07b8999","is_powered_by":true,"section_story_id":"3eb9c85c-3fff-4f53-a7a9-8ed54149de7b","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/336.jpg","photo_position":"above","related_issue":[569492],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt to launch int\u2019l gold exploration bid round on 15 March - 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\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt to launch int\u2019l gold exploration bid round on 15 March\" \/>\n<meta property=\"og:description\" content=\"Egypt will launch an international bid round for gold and mineral exploration on 15 March, and will accept bids until 15 July, the Oil Ministry said in a statement (pdf). Investors will bid for exploration in the Eastern Desert over an area totaling 56k sqkm using the block-basis concessions system, with blocks around 170 sqm [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-26T04:40:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/336.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt to launch int\u2019l gold exploration bid round on 15 March\",\"datePublished\":\"2020-02-26T04:40:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/\"},\"wordCount\":384,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/336.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Centamin\",\"Egyptian Mineral Resources Authority\",\"EnterpriseAM\",\"gold\",\"La Mancha\",\"Mineral Resources Act\",\"mining\",\"Naguib Sawiris\",\"Oil Ministry\",\"Shalateen Mining\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/\",\"name\":\"Egypt to launch int\u2019l gold exploration bid round on 15 March - 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License holders can apply to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609122,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/31\/oil-ministry-to-launch-gold-exploration-tender-early-2024\/","url_meta":{"origin":569500,"position":2},"title":"Oil Ministry to launch gold exploration tender early 2024","author":"enterpriseam admin","date":"31 October 2023","format":false,"excerpt":"The tender will include 13 concessions in Shalateen and Aswan","rel":"","context":"In &quot;Mining&quot;","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1483.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572613,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/egypt-discovers-gold-deposit-in-the-eastern-desert\/","url_meta":{"origin":569500,"position":3},"title":"Egypt discovers gold deposit in the Eastern Desert","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"A gold deposit estimated to hold over 1 mn ounces was discovered in the Eastern Desert\u2019s Iqat region, the Oil Ministry said in a statement. The deposit, which also contains other minerals, is located in state-owned Shalateen Mining Company\u2019s concession area. The area could see investments of more than USD\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574786,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/la-mancha-centamin-barrick-gold-among-bidders-in-egypts-gold-mining-tender\/","url_meta":{"origin":569500,"position":4},"title":"La Mancha, Centamin, Barrick Gold among bidders in Egypt\u2019s gold mining tender","author":"enterpriseam admin","date":"22 September 2020","format":false,"excerpt":"La Mancha, Centamin, Barrick Gold among bidders in Egypt\u2019s gold mining tender: Canadian mining firm Barrick Gold, Naguib Sawiris\u2019 La Mancha, and Egypt-focused Centamin are among the companies that have submitted bids in the gold and mineral exploration tender, which closed last week, Al Mal reports. The Egyptian Mineral Resources\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/235.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561401,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/06\/sawiris-gearing-up-to-bid-for-gold-exploration-blocks-in-egypt\/","url_meta":{"origin":569500,"position":5},"title":"Sawiris gearing up to bid for gold exploration blocks in Egypt","author":"enterpriseam admin","date":"6 April 2021","format":false,"excerpt":"Naguib Sawiris is planning to take part in Egypt's ongoing gold exploration tender, the bn\u2019aire said at a conference yesterday, the local press reports. Sawiris\u2019 La Mancha Holding is the largest shareholder in Toronto-based Endeavour Mining, and also holds an almost 35% stake in Altus strategies, whose subsidiary Akh Gold\u2026","rel":"","context":"In &quot;Mining&quot;","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/50.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569500"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569500\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569501"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569500"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569500"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}