Egypt's Ministry Declares Fresh Gold Mining Tender

SEATTLE (Scrap Monster): Egypt has decided to hold first gold mining tender since 2017. The new tender, with fresh set of terms and conditions, is expected to attract major international players.

According to Ministry of Petroleum and Mineral Resources announcement, the government has finalized to launch an international bid round this year for gold and other minerals across the country’s Eastern Desert region.

It must be noted that the country had selected four companies as winners of five concessions in the previous international bidding process that took place in 2017. The winners had later decided to suspend their operations in the country, on account of certain prohibitive terms and conditions in the bid. The bid was later cancelled and all sums of money were refunded to companies, except Veritas Mining Limited, who rejected the refund offer by the government authorities.

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The new bid terms are in line with the new mineral resources law and will be based on a royalty, rent and tax system. The bid terms will be announced on 15^th March, the bid opening day. This is the first time the government has announced a gold bid without announcing the terms and conditions in advance. The bid will close on July 15^th.