Introduction

Egypt’s Oil Ministry said today Thursday that it has reached an agreement with mining companies Barrick Gold and Centamin regarding the commercial, financial and legal terms for the exploitation of gold and related minerals in a number of its concessions.

In a separate statement, Centamin said that mining licenses for a stable financial and legal system for a period of 30 years will be issued under the Model Mining Agreement.

Exclusions

The company added that the scope does not apply to the 160 square kilometer Sukari gold mining concession, which operates independently under the Sukari concession agreement.