Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry.
Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.
Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin's Sukari, in the eastern desert region. Sukari contributes up to $900-million a year to the Egyptian economy.
The country is targeting $1-billion dollars of investment in the sector.