Egypt awarded eight gold and metal mining exploration licenses in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry.
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Four companies won the licenses – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.
Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin’s Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy.
The country is targeting $1 billion dollars of investment in the sector.
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