The Egyptian Mineral Resources Authority (EMRA) signed an agreement with Canadian Lotus Gold Corporation for exploration concessions on 525 square kilometres with $2.5 million in investments, according to a ministerial statement on Sunday.
Lotus won two rounds of a gold exploration tender by the EMRA in 2020 and 2021 for exploration concessions in a total area of 1,219 square kilometres for the first round.
The second round of the tender covers 525 square kilometres, which is subject to the recent agreement with the EMRA.
Lotus Gold Corporation is a private Canadian gold exploration and development company, focused on the Egyptian Eastern Desert. Its interests include 10 blocks and a leading in-country land package of 1,740 square kilometres within the highly prospective Arabian-Nubian shield, according to the company's website.
Egypt is localizing a sustainable mining industry with modern technology in partnership with purposeful entities, said Minister of Petroleum Tarek El-Molla on the sidelines of the signing ceremony.