Egypt signs framework for mining terms with Barrick Gold and Centamin

CAIRO - 25 July 2023: Egypt’s Ministry of Petroleum announced reaching an agreement with Barrick Gold and Centamin on the commercial, fiscal, and legal terms for Model of Minerals Exploitation Agreement (MMEA) on a number of concession blocks awarded to the two companies in the international bid round for exploration of gold and associated minerals.

This is a new regulatory framework for mineral exploitation, under which 30-year exploitation licenses will be awarded to miners.

In a separate statement, Centamin stated that MMEA applies to Centamin's three EDX blocks, Nugrus, Um Rus, and Najd, and will come into effect once the Egyptian parliamentary approval is granted and legally ratified. In the statement, Cetamin said that the MMEA does not apply to the 160 km2 Sukari Gold Mine mining concession, which operates independently under the Sukari Concession Agreement.

Minister of Petroleum and Mineral Resources Tarek El-Molla asserted that this agreement comes on top of Egypt Mining Forum's current edition achievements.

The minister added that the two international companies; Barrick and Centamin, have the experience, fiscal liability, solvency, and techniques to expedite the agreement implementations and achieve work results that would be added to the Mining Sector's developments.

All legal procedures are underway to submit the agreement to the concerned authorities for endorsement.