Egypt, Barrick Gold sign framework agreement to reinforce gold mining investments
Updated 12/5/2024 7:59:00 AM
Arab Finance: The Ministry of Petroleum and Mineral Resources has signed a framework agreement with the Canadian mining giant Barrick Gold to boost investment in the country’s gold sector, as per a statement.
The agreement will also Barrick to invest in gold ore exploitation across Egypt after the completion of all legal and procedural approvals.
The signing took place as part of Karim Badawi’s participation in the British Egyptian Business Association (BEBA) mission in London.
Badawi noted that the ministry has successfully finalized the mining exploitation model, recently agreed upon with the Ministry of Finance and Barrick Gold.
The model aims to ensure equitable benefits for all stakeholders and is aligned with Egypt’s strategy to modernize its mining industry.
The minister encouraged Barrick to participate in Egypt’s upcoming bid round for gold and associated minerals exploration, set to launch in the first quarter (Q1) of 2025.
Barrick officials highlighted their commitment to expanding their presence in Egypt, emphasizing the potential for mutual growth under the new framework.
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