Skip to content Skip to Search
Skip navigation

Egypt finalises mining terms with UK and Canadian firms

Egypt minister Egyptian Petroleum Ministry
Petroleum minister Tarek El Molla says procedures are underway to submit the agreement for approval

Egypt has signed agreements with UK-listed Centamin Plc and Canada’s Barrick Gold Corporation on the commercial, fiscal and legal terms for mining gold and associated minerals across several concession blocks awarded to them two years ago.

All legal procedures are underway to submit the agreement to the authorities for approval, said Tarek El Molla, minister of petroleum and mineral resources. 

In a statement to the London Stock Exchange, Centamin said that the model of minerals exploitation agreement (MMEA) sets out the legal and fiscal framework that will apply to commercial discoveries made on the highly prospective 3,000 sq km of ground.

The concession was awarded to Centamin in 2021 for exploration in the eastern desert of Egypt.

Centamin CEO Martin Horgan said: “The MMEA provides a clear regulatory and fiscal framework that fairly balances risk and reward while providing a stable operating environment required by the international mining community and its investors.”

The agreement will apply to Centamin’s three EDX blocks (Nugrus, Um Rus and Najd) and will take effect once the Egyptian parliamentary approval is granted. 

Under the MMEA, exploitation licenses will be issued for 30 years, with the company paying 22.5 percent corporate tax and 15 percent government financial net profit interest.

Centamin said the MMEA does not apply to the 160 sq km Sukari Gold Mine mining concession, which operates independently under the Sukari concession agreement.

El Molla said earlier that Egypt would issue tenders for mining precious and basic metals between July and September 2023.

A report in April by Fitch Solutions said Egypt produced 9.8 million tonnes of steel, making it the largest steel producer in Africa and the second largest in the Mena region in 2022.

In June last year, Egypt awarded eight gold and metal mining exploration licences in its eastern desert region to attract $40 billion in private investment in the next four years.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced a AED80 billion ($22 billion) sewerage system, following a review of infrastructure ordered by the UAE president. The developer, which is listed on the Dubai stock exchange, announced on Friday it would repair all […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]