The Egyptian Mineral Resource Authority (EMRA) is expected to award a number of gold exploration licences in the Eastern Desert to Akh Gold Limited, a totally-owned subsidiary of Altus Strategies Plc.
The UK-based mining firm was one of 11 companies to land exploration rights to 82 concession blocks in the Eastern Desert in a tender launched last March.
Mineral Resources Act, La Mancha’s investments bolstered Altus’ position on Egypt: “Our decision to expand our activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35 percent interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act,” said Altus Chief Executive Steve Poulton.
The amendments offering investors more attractive terms were approved in 2019, and Oil Minister Tarek El Molla had announced that Egypt would issue a new gold exploration tender every four months.
