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HomeBusinessEgypt Boosts Gold Sector With $2.5M Exploration Deal With Lotus Gold Corp.

Egypt Boosts Gold Sector With $2.5M Exploration Deal With Lotus Gold Corp.

Egypt is set to enhance its gold sector as the Mineral Resources Authority has partnered with Canada’s Lotus Gold Corp. for a $2.5 million gold exploration project.  

This collaboration, part of the second round of Egypt’s global gold bid, grants the Canadian firms three sectors covering 525 sq. meters. 

The Egyptian Ministry of Petroleum and Mineral Resources announced this development through an official statement on its Facebook page.  

The partnership with Lotus Gold Corp., a major player in the global mining industry, aligns with Egypt’s ongoing efforts to attract foreign investment and modernize its mining sector. 

The signing of the contract took place in Marsa Alam and was overseen by Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla with the presence of the Canadian ambassador to Egypt, Louis Dumas.  

El-Molla emphasized Egypt’s success in attracting diverse and substantial investments, underlining the nation’s commitment to fostering a sustainable and technologically advanced mining industry. 

Lotus Gold Corp. previously participated in Egypt’s global gold bid in 2020, securing seven sectors covering an area of approximately 1,219 sq. meters. After fulfilling all necessary approvals, these sectors were officially transferred to Lotus in the last quarter of 2021. 

El-Molla reiterated the Egyptian government’s commitment to continuous dialogue with experts, investors, and stakeholders in the mining industry.  

He highlighted the current period as opportune for serious investment in Egypt’s growing mining sector, poised for innovation and expansion. 

In August, Egypt’s Petroleum Ministry announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.  

The discovery was made by Egypt’s Cheiron through exploration well GNN-11, currently producing over 2,500 barrels a day.  

Additionally, the country aims to bolster its mineral sector with a $1.8 billion gas drilling plan, intending to drill 35 new gas wells across the Mediterranean Sea, the Nile Delta, and the Western Desert by 2025. 

Source: Arab News

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