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Egyptian government, Canadian company sign 4 contracts for gold exploration Barrick Gold will for first time invest in Egypt in field of mining, which will see total investment estimated of $8.8m be made
The Egyptian Mineral Resources Authority (EMRA) and the Canadian company, Barrick Gold Corporation, have signed four contracts related to gold exploration in the Egyptian territories. The Canadian company is the largest gold production company of its kind in the world, and is ranked second globally in the activity of gold search. The contracts were signed by EMRA head Khaled El-Sheshtawy and Joel Holiday, Vice President of Barrick Gold, who signed via videoconference. Tarek El Molla, Minister of Petroleum and Mineral Resources, was present to witness the signing of the contracts. Under the contracts, Barrick Gold will for the first time invest in Egypt in the field of mining and gold prospecting, which will take place in 19 new sectors in the Eastern Desert. A total investment estimated at $8.8m will be made, after winning the first global bidding rounds put forward by the Ministry of Petroleum and Mineral Resources in 2020 with its modern system. El Molla stressed that the mining sector reforms undertaken by his ministry have succeeded in maximising Egyptian and foreign investments in the search for gold in the country. They have also dealt with the challenges facing this sector, in an effort to make optimal use of promising opportunities to search for gold and various mining ores. He added that the global bid put forward last year brought positive results, and that Barrick Gold's entry into the Egyptian mining sector would be the beginning of a strong partnership between the two sides. The Canadian company entered as one of the largest global investors in gold sector activity. This partnership would take place in pursuit of more joint work, and would represent an important and strong addition to the gold industry in Egypt. Meanwhile, Holiday confirmed that Barrick Gold is looking to build a strong, long-term partnership with Egypt. He praised the great development witnessed by its mining sector during the recent period, which confirms that Egypt is on its way to building a strong mining industry. Barrick Gold was established in 1978, and is headquartered in Toronto, Canada. It carries out mining operations in a number of countries around the world, including Canada, Australia, Argentina, and Zambia, among others.
