{"id":590729,"date":"2023-07-25T00:00:00","date_gmt":"2023-07-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/25\/oil-ministry-reaches-framework-mining-agreement-with-key-gold-players\/"},"modified":"2023-07-25T00:00:00","modified_gmt":"2023-07-25T00:00:00","slug":"oil-ministry-reaches-framework-mining-agreement-with-key-gold-players","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/25\/oil-ministry-reaches-framework-mining-agreement-with-key-gold-players\/","title":{"rendered":"Oil Ministry reaches framework mining agreement with key gold players"},"content":{"rendered":"

Centamin + Barrick Gold just agreed terms with the OilMin: <\/strong>The Oil Ministry has reached an agreement with the LSE-listed gold miner Centamin and Canada\u2019s Barrick Gold on the terms for several exploration concessions awarded in 2021, the Oil Ministry<\/a> and Centamin<\/a> said last week. <\/p>\n

The MMEA:<\/strong> T he Model of Minerals Exploitation Agreement (MMEA) lays out the commercial, fiscal, and lega l arrangements for any commercial discoveries made at the seven exploration concessions in the Eastern Desert given to the two companies. Toronto-listed Barrick Gold was awarded four contracts<\/a> and Centamin received three<\/a>. <\/p>\n

In detail:<\/strong> Under the agreement, the ministry will award 30-year licenses for the concessions under which the companies will pay a 5% royalty on revenues and 15% of net income to the government . The agreement doesn\u2019t apply to Centamin\u2019s Sukari mine which operates under a separate concession agreement. <\/p>\n

This isn\u2019t official yet:<\/strong> The House of Representatives is required to approve the agreement before it comes into effect, which Centamin expects to happen later this year. <\/p>\n

Neither firm is a stranger to Egypt: <\/strong>Centamin operates the country\u2019s largest gold mine \u2014 the Sukari mine in the Eastern Desert \u2014 and Barrick entered the country in 2021 after winning USD 8.8 mn-worth of exploration contracts to search for and mine gold in the Eastern Desert. <\/p>\n

The news got international coverage:<\/strong>Reuters<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Oil Ministry, Centamin, and Barrick reached agreements on commercial, fiscal, and legal terms<\/p>\n","protected":false},"author":1,"featured_media":590730,"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":[3445,2569,72,7093,373,371],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-barrick-gold","tag-centamin","tag-enterpriseam","tag-gold","tag-mining","tag-oil-ministry","wpautop","entry"],"acf":{"mongo_id":"4c561960-2f7a-4568-a4c9-11f0b54dc116","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/949.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Oil Ministry reaches framework mining agreement with Centamin, Barrick","related_issue":[590724],"teaser":"The Oil Ministry, Centamin, and Barrick reached agreements on commercial, fiscal, and legal terms","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.2e824efd-294c-4866-ab77-215967fe6137.mp3"},"yoast_head":"\nOil Ministry reaches framework mining agreement with key gold players - 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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":590729,"position":2},"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":574786,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/la-mancha-centamin-barrick-gold-among-bidders-in-egypts-gold-mining-tender\/","url_meta":{"origin":590729,"position":3},"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 "Speed Round"","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":560192,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/18\/signed-sealed-and-delivered\/","url_meta":{"origin":590729,"position":4},"title":"Signed, sealed, and delivered","author":"enterpriseam admin","date":"18 February 2021","format":false,"excerpt":"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\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\/2\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574875,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/a-blockbuster-gold-discovery-may-have-killed-sawiris-chances-of-nabbing-shalateen-mining\/","url_meta":{"origin":590729,"position":5},"title":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of nabbing Shalateen Mining","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of acquiring Shalateen Mining: Naguib Sawiris\u2019 interest in a majority stake in state-owned Shalateen Mining have reportedly hit a roadblock after the company made a blockbuster gold discovery in the Eastern Desert. 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