By Leon Louw founder and editor of WhyAfrica
27 July 2021 – Gold mining giant Barrick Gold Corporation has announced that the company will target Egypt in an exploration drive that is bound to cause a stir in the gold mining sector.
Egypt has always been known as a country with great mining potential. Gold has been mined in the country for centuries. Despite the presence of significant mines like Sukari, surprisingly little exploration work has been done in the Eastern Desert region of the Proterozoic Arabian Nubian Shield.
This is the area that Barrick will target in a move that forms part of Barrick’s greater exploration strategy.
Barrick Gold’s president and CEO Mark Bristow is no stranger to building mines in remote regions of Africa that hosts world class gold deposits. “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,” says Bristow.
Barrick Gold was awarded four exploration licenses for 19 blocks following its participation in the International Bid-Round (1)/2020 led by the Egyptian government for exploration of gold and associated minerals in the highly prospective Eastern Desert region of the country.
According to Barrick SVP exploration Joel Holliday the company will work closely with the Egyptian Mineral Resource Authority (EMRA) and other participating exploration and mining companies, over the period of a year, to finalise the terms of Egypt’s exploitation license agreement which will apply to the industry.
“The move into Egypt is an integral part of Barrick’s exploration strategy.”
“Barrick is a global company and we evaluate opportunities anywhere we see the potential for world-class deposits capable of passing our investment filters. 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,” says Holliday.
In 2021, Barrick expanded its exploration portfolio with the addition of other prospective new property positions in Tanzania, Guyana, Japan and Nevada.
Leon Louw is the founder and editor of WhyAfrica. He specialises in natural resources and African affairs.
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