Egypt Grants First Gold Mining License in Over a Decade

The approval follows easing of mining regulations by the country last month, in a bid to attract investors.

SEATTLE (Scrap Monster): The government authorities in Egypt have granted gold mining license to a Canadian company. This is the first such license to be issued in more than a decade. The previous license was issued in the year 2005 to Centamin for its Sukari gold mine.

The gold mining license was issued to Canada-based gold miner Aton Resources to carry out mining operations in Hamama in Egypt’s Eastern Desert region. Also, the company has retained exploration rights in the Abu Marawat concession in the Arabian-Nubian Shield region.

The approval follows easing of mining regulations by the country last month, in a bid to attract investors. Accordingly the country had revamped the system of royalties and profit-sharing agreements by limiting state royalties. Also, it dropped the earlier requirement for joint venture with the government.

The press release issued by Aton noted that Egypt possesses huge mineral wealth, with most of them largely under-explored and undeveloped. The company has already identified gold and base metal explorations targets in Abu Marawat, it said. Mark Campbell, Aton’s CEO noted that the granting of mining license is historic news for Aton and Egypt.

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