Egypt signs framework for mining terms with Barrick Gold and Centamin

Egypt’s Ministry of Petroleum announced reaching an agreement with Barrick Gold and Centamin on the commercial, fiscal, and legal terms for Model of Minerals Exploitation Agreement (MMEA) on a number of concession blocks awarded to the two companies in the international bid round for exploration of gold and associated minerals.

This is a new regulatory framework for mineral exploitation, under which 30-year exploitation licenses will be awarded to miners.

In a separate statement, Centamin stated that MMEA applies to Centamin's three EDX blocks, Nugrus, Um Rus, and Najd, and will come into effect once the Egyptian parliamentary approval is granted and legally ratified. In the statement, Cetamin said that the MMEA does not apply to the 160 km2 Sukari Gold Mine mining concession, which operates independently under the Sukari Concession Agreement.