Egypt’s Gold Mine Sector Witnessed Big Boost from Billionaire Investment

SEATTLE (Scrap Monster): Egyptian billionaire Naguib Sawiris has announced full-fledged support to the country’s drive to develop a strong gold industry. AKH Gold, in which Sawiris has a majority stake, has signed four new mining contracts for gold mines located in Egypt’s eastern desert.

The contracts will see AKH Gold invest nearly $4.1 million in gold exploration activities. These were among a total of 10 new gold exploration contracts signed recently for a total value of more than $11 million.

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The announcement of the new contracts follows recent extension of the deadline of international mining tender by 60 days. The investors will now be allowed to place their bids until May 15th. The blocks will be allocated to winning companies latest by September 15th, 2021. It must be noted that the country had announced gold bid rounds in the Mining Day at the Prospectors and Developers Association of Canada (PDAC) convention held last year.

Sawiris had earlier shared bullish view on gold’s prospects and had disclosed plans to invest in gold mining companies. The billionaire was approached by the country’s government in connection with acquiring a stake in Shalateen- the state-run mining company. However, no announcement to this effect has been made so far.

Incidentally, Egypt targets to attract nearly $1 billion worth of new investments in the mining and energy sectors by 2030.