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Barrick enters Egypt

Barrick Gold has made a move into Egypt.
Barrick enters Egypt Barrick enters Egypt Barrick enters Egypt Barrick enters Egypt Barrick enters Egypt

Image: Pixabay/leonardobcorrea

Ngaire McDiarmid

Reporter

The mining major was awarded four exploration licences for 19 blocks after participating in an international bid round last year led by the Egyptian government.

It was one of 11 companies awarded 82 exploration blocks through the process, Reuters reported.

"The opportunity in Egypt is an exciting addition to our portfolio and we look forward to a long and successful partnership with the Egyptian government," Barrick president and CEO Mark Bristow said.

The company intended to work closely with the Egyptian Mineral Resource Authority and other participating exploration and mining companies over a year "to finalise the terms of Egypt's exploitation licence agreement which will apply to the industry".

Barrick said its licences were in the highly prospective Eastern Desert region, which hosts Centamin's Sukari mine that produced more than 450,000 ounces of gold last year.

"The move into Egypt is an integral part of Barrick's exploration strategy," SVP exploration Joel Holliday said.

"We believe that it is essential to move into prospective emerging and underexplored mineral belts to maintain the discovery rate as part of a balanced development strategy."

Barrick has added to its exploration portfolio Tanzania, Guyana, Japan and Nevada this year.

"We'll continue to find our own gold and gold-copper opportunities," Bristow said in May.