Egyptian Minister Grants British Company AKH GOLD 350 Square Kilometers to Explore for Gold in Eastern Desert

Egyptian Minister of Petroleum Tarek El Molla agreed to grant the British company AKH GOLD, owned by businessman Naguib Sawiris, 350 square kilometers to explore for gold in the Eastern Desert.

Signing of Contract

Engineer Tarek El-Mulla witnessed the signing of a contract between the Mineral Resources Authority and the British company AKH GOLD, owned by Sawiris, to search for gold on an area of ​​350 square kilometers in the areas of Bir Asl and Jabal al-Mit in the Eastern Desert, within the framework of the British company’s expansion in investment in searching for gold in Egypt after winning a number of One of the regions in the global bidding for gold prospecting in its first and second rounds.

Participants

The contract was signed by Yasser Ramadan, head of the Mineral Resources Authority, geologist, and Gerard De Hirt, CEO of the British company.

Reforms in Mining Sector

Following the signing, the Egyptian Minister confirmed that the reforms implemented in the Egyptian mining sector’s work system contributed to attracting investments from international companies to search for gold and precious metals, stressing the importance of accelerating search and exploration operations with the aim of achieving positive results.

Business Acquisition

The Egyptian “Cairo 24” website reported that last December 2023, billionaire Egyptian businessman Naguib Sawiris said that he had completely acquired the “AKH Gold” company with the aim of accelerating the process of exploring gold in Egypt, as it owns 9 sites for exploration for it in the Eastern Desert.

Sawiris explained that his acquisition of AKH Gold came after careful study of the situation, as he feared that the company’s slowdown in gold exploration would lead to it losing its credibility as a shareholder in the mining sector, according to the Egyptian website.

Exploitation of Gold

Egyptian Minister of Petroleum Tarek El-Molla also signed a contract for the exploitation of gold ore and associated minerals in the Abu Marwat region in the Eastern Desert between the Mineral Resources Authority and the Canadian “Aton Mining” company.

The Canadian company, Aton Mining, made a commercial discovery of gold in the Hamama Gharb and Rodrin areas, located in the Abu Marwat concession, in an area estimated at about 58 square kilometers.

Source: “Cairo 24”