The Egyptian General Authority for Mineral Resources has signed ten agreements on gold prospecting.
The authority signed four contracts worth a total of $4.1 million with AKH Gold, affiliated to Egyptian businessman Naguib Sawiris, to prospect for gold in nine sectors in the Eastern Desert.
Sawiris said the new mining law and its executive regulations give great incentive to international and Egyptian mining companies.
Six other contracts worth $7.1 million were signed with British and Canadian companies to explore 17 sectors for gold.
The Canadian Red Sea Resources Company signed a $5.5 million deal and the North Africa Mining Company inked two contracts worth $1 million to explore five and two sectors respectively in the Eastern Desert.
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