The Egyptian Parliament gave final approval to a draft law, permitting the Minister of Petroleum and Mineral Resources to contract with the Egyptian Mineral Resources and Mining Industries Authority and Centamin Company. The purpose of this contract is to exploit gold ore and associated minerals in the Sukari sector.
The agreement, which is in line with the constitution’s provision for natural resource exploitation licenses of up to 30 years, aims to boost economic prosperity; create new job opportunities; and support the state’s focus on developing the mining sector.
Under this agreement, Centamin will have the right to exploit the Sukari area for 30 years, and fully self-financing the project without burdening the state. The company is also committed to conducting regular environmental impact assessments; adhering to environmental, health, and public safety standards; as well as purchasing goods, services, and products available in the local market to support national industry and maximize the project’s domestic economic benefits.
