Egypt to launch gold exploration tender on March 15th

by   |  VIEW 215
Egypt to launch gold exploration tender on March 15th

Egypt, the resource-rich northeast African country bordered with Middle East had been exploring an option to launch an international gold exploration tender from March 15th this year which would continue until July 15th, Petroleum Minister of the largest economy of Africa by Purchasing Power Parity and the 19th-largest across the world had told on late on Tuesday, the 25th of February 2020.

In point of fact, Egypt’s eastern desert has long been believed to contain a large reservoir of precious minerals and metals such as gold as the region was composed of Arabian-Nubian shield, a distinctive geographical feature that could notably establish a belief that the region contains a huge reserve of the precious metal.

Besides, according to several geographical expedition teams, the Arabian-Nubian shield which is thought to hold a huge reservoir of gold that could be mined for commercial purposes, spanned from Yemen and Saudi in the east alongside Egypt and Sudan in the west.

Apart from that, according to the announcement of Egypt’s Petroleum Ministry, potential explorers would be bidding for the blocks on the region and the bidding process would conclude within July 15th, while the chosen explorers will be awarded with the right for gold exploration in the blocks for which they had placed their bids.