Egypt puts the 5 richest areas for gold in an international bid

The Mineral Resources Authority, represented by the state-owned "Shalatin" Gold Company, announced today the issuance of the largest global bid for gold exploration and exploration in the richest areas in the world (Marsa Alam and Edfu in the Eastern Desert).

The Mineral Resources Authority is scheduled to start receiving requests for the purchase of the tender document, which amounts to $2,000, on April 10, 2023, at the company's headquarters in Salah Salem.

This auction is the first of its kind with the profit-sharing system and the old law, according to the agreement concluded between the Mineral Resources Authority and the state-owned “Shalatin” company.

The richest areas for gold in the world in the Eastern Desert

The “Shalatin” company published the details of the officially offered bid No. (1) for the year 2023 on its website in English.

The Ministry of Petroleum and Mineral Resources will aim to enter the largest international companies working in the field of research and extraction in the world through this bid.

Shalateen invited all international mining companies to participate in the bidding to explore and exploit gold ore and its associated minerals under the production-sharing system in the areas (Fatiri – Al-Baramiya – Atoud – Um Oud – Hamata) in the Egyptian eastern desert.

Bidding conditions:

1- Companies wishing to enter the bidding must have at least 10 years of experience in mining exploration and exploitation.

2- The total years of accumulated experience of the company and the work team should not be less than 100 years of experience.

3- To have a reserve volume of more than 10 million ounces of confirmed gold.

4- To have more than 500,000 ounces of annual gold production.

5- To have a technical exploration program designed for the first stages of the exploration process, in addition to a detailed plan for the first year of the early exploration stages.

“Shalatin” also determined the financial system for bidding and the percentages of sharing, which is that the investor owns 49% and the government 51% divided into 20% for the Shalatin Company and 31% for the Mineral Resources Authority. The recovery rates will be only 65% of the costs, and 35% will be shared between the investor and the Shalatin Company. 

The bidding was launched by the Shalatin Company on behalf of the Mineral Resources Authority, as it holds the right of concession to 5 of the richest areas in the world in geological formations that bear gold ore, with rates that may reach more than 20 grams per ton.

5 richest areas bear gold in the Eastern Desert and Marsa Alam, including:

1- “Al-Baramiya”, 120 km west of the city of Marsa Alam, and contains two areas for gold, “Al-Baramiya and Al-Hussainat”, with an average proportion of gold from 3 to 4 grams per ton of rock.

2- Atoud, about 50 kilometers west of the city of Marsa Alam, and the gold content in the region ranges between 0.5 and 20 grams per ton.

3- “Hamata” The area is located on the Red Sea coast south of the eastern desert, with a length of 50 km. The area contains 6 areas of gold ore, with an average percentage of gold of up to 20 grams per ton of rock.

4- “Fatairi” area is one of the rich gold-bearing areas and is located between Safaga and Qena at kilo 30 north of Safaga Road, with an average gold content of about 14 grams per ton.

5- “Hangalia and Umm Oud” is located southwest of the city of Marsa Alam at the 55th kilometer. Gold is formed in the region in white-gray quartz veins, with an average rate of gold that may reach 22 grams per ton.