The contract was signed in Marsa Alam by Yasser Ramadan, head of the Mineral Resources Authority, and Omar Abdel Nasser, regional director of Lotus Gold Corporation, in the presence of Michel Silver, CEO of the company.
Lotus Gold Corporation participated in the first and second rounds of Gold Offering No. 1 Global 2020, filed through the Ministry of Petroleum under the amended Mineral Wealth Act. In the first round, the company acquired seven sectors with a domain of approximately 1,219 square kilometers, for which exploration contracts were signed and delivered to the company in the fourth quarter of 2021, after complying with all mandatory approvals and conditions. In the second round, the company was awarded the three sectors covered by the signed contract.
Prior to the signing ceremony, El-Molla met with the company’s delegation, which reviewed the progress of the paintings in the first of the exploration sectors.
The oil minister also met with officials from two other corporations that participated in the global gold offering: AKH Gold and Ibdaa Gold, with whom he discussed their exploration activities and projects.
AKH Gold was awarded four exploration contracts in various regions in the first and second rounds of bidding, while Ibdaa Gold was awarded a 105-square-kilometer exploration domain in the Jabal al-Shahimia region of the Eastern Desert in the first round.
El-Molla noted that Egypt, after effectively amending the Mineral Wealth Law, issuing its executive regulations, and conducting global tenders under the new law, has attracted investment. He said the country is striving to identify a sustainable mining industry with trendy technologies and complex services in partnership with reputable entities. He also highlighted the importance of infrastructure progress in Egypt as a unique way to attract investment.
El-Molla said those regular meetings and visits to mining sites are part of an open discussion with experts, investors and stakeholders in the mining industry. He said the time has come to seriously and effectively invest in Egypt’s mining industry.
MENAFN27112023000153011029ID1107489095
Keywords
comment
Category
Date