The government announced in 2015 their efforts to increase the mining sector's contribution to Egypt’s GDP, which has been at a standstill since the 2011 revolution and currently accounts for only 1 percent.
The Egyptian Mineral Resources Authority (EMRA) announced on Tuesday that Egypt will hold the first round of its international gold and associated minerals tender in Sinai and the Eastern Desert on Sunday, Al-Ahram reported.
The bidding round would finally be held after having experienced several delays throughout 2016, and will end in mid-April 2017. The tender had been announced in November of 2006, in an effort to increase the mining sector's contribution to the economy, which has been at a standstill since the 2011 revolution and currently accounts for only 1 percent of the GDP. Today, there only company extracting gold in the country is Australia-based Centamin, a firm that made use of an ancient papyrus that mapped out 120 gold honeypots across Egypt to begin working on the Sukari mine, which is expected to generate over $20 billion dollars of profit over 20 years. With gold's prices skyrocketing following Brexit, many believe the profit will exceed all expectations. This tender, according to Petroleum Minister Tarek El-Molla, would be Egypt's first since 2009.
In an official statement, EMRA declared that five designated exploration areas in Sinai and the Eastern Desert are to be auctioned in the upcoming bidding. The entity also stated that mineral exploration and exploitation companies with an interest in the bidding are welcome to contact the EMRA to purchase the documents needed for the round to begin on Sunday.
The cost to purchase this round's documents is set at $1,000. Bidders will also be charged an additional $5,000 to attain the documents containing detailed information and technical data for the five auctioned areas.