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The Ministry of Petroleum and Mineral Resources will award seven gold exploration licenses to LSE-listed gold miner Centamin and Canadian firm Barrick Gold this week, Asharq Business reported yesterday, citing a government source.
That comes following months of negotiations between the sides.
Under the agreements, the Madbouly government will receive 50% of the net income from any commercial discoveries, according to the news outlet.
Centamin operates the country’s largest gold mine — the Sukkari mine in the Eastern Desert — and Barrick entered the country in 2021 after winning USD 8.8 mn-worth of exploration contracts to search for and mine gold in the Eastern Desert.
