Egypt in negotiations with gold companies to finalize terms of gold exploration agreements

Canada’s Barrick Gold, and Australia’s Centamin, international gold-producing entities, are negotiating with Egypt’s Ministry of Petroleum to finalize gold exploration agreements’ terms, according to local media reports citing unnamed high-level sources.

Local media reported that the negotiations are currently underway between those entities and the government revolve around royalty, tax rates among others. Some entities expressed their desire to have fixed tax rates, concerning that it would be increased later on.

Egypt put forward a huge international bid for gold exploration and exploitation in the Eastern Desert in 2020, which was won by 11 companies, with investment commitments amounting to $60 million in the first stage.