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Egypt opens gold assets to foreign companies, first time since 2009

Wednesday 11-01-2017 - 10:39 PM
Egypt opens gold
Cairo - Egypt will hold its first international tender for gold mining concessions, most of which are located in Sinai and the Eastern Desert, the Egyptian Mineral Resources Authority (EMRA) said.

In a statement, (EMRA)  said the cost of participating in the bidding round, scheduled to end mid-April, is $1,000. An additional $5,000 will be charged for documents containing detailed information and technical data for each of the five areas up for grabs.
"Most of the gold concessions up for grabs are located in Sinai and the Eastern Desert."

The precious metals-rich country, which has had to contend with a severe dollar shortage since tourists and investors fled after the country’s 2011 uprising, said last year that it would hold a bidding round for new mining concessions, the first one since 2009. But the tender was delayed multiple times.

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