Egypt reaches an agreement with Barrick and Centamin on the commercial, financial, and legal terms for the gold exploitation contract through a bidding process

Eng. Tarek El Molla, Minister of Petroleum and Mineral Resouces announced that the Ministry of Petroleum and Mineral Resources reached an agreement with Egyptian Mineral Resources Authority (EMRA), Barrick Gold Canadian Company, the English Company Centamin , on the commercial, fiscal and legal terms for Model of Minerals Exploitation Agreement (MMEA) to a number of concession blocks awarded to the two companies in the international bid round for exploration of gold and associated minerals.

It is worth mentioning that all legal procedures are underway to submit the agreement to the concerned authorities for endorsement

The Minister asserted that this agreement is on top of Egypt Mining Forum’s current edition achievements. The two international companies; Barrick and Centamin, have the experience, fiscal liability (solvency), and techniques to expedite the agreement implementations and achieving work results added to the Mining Sector’s developments