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UPDATE 1-Egypt to announce results of gold mining exploration bid next week
May 11, 2017 / 3:03 PM / 7 months ago

UPDATE 1-Egypt to announce results of gold mining exploration bid next week

(Adds details, background)

CAIRO, May 11 (Reuters) - Egypt will announce the results of its gold mining exploration tender next week, Minister of Petroleum Tarek El Molla said on Thursday.

Egypt, which is hoping that gold production can be a future source of growth for its struggling economy, began accepting bids in January for five concessions in its first tender for new gold exploration since 2009. The deadline for bids was April 20.

“It was a successful bid round because we received a big number of candidates and investors and we will announce the results next week with the good offers we got,” he said at a conference in Cairo.

Interest in bidding had been expected to be low as Egypt’s commercial terms for mining have been criticised by investors for using a model that they consider is not profitable for exploration.

Talking about the mineral resource law, Molla said that regulations were being worked on that would “satisfy most stakeholders” though he did not say when these would be released. (Reporting by Eric Knecht; writing by Asma Alsharif; editing by Giles Elgood and Susan Fenton)

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