Egypt intends to launch a global bid for gold exploration in the Eastern Desert during the first half of next March.
An official in the Egyptian Mineral Resources Authority told Reuters that the eastern desert will be presented to the blocks system, with each stage closed after four months of its launch.
He explained that the bidding will be put up under the royalty and tax system and a share for the government.
It is believed that the eastern desert of Egypt is rich in gold, but the complexities and regulatory obstacles have prevented decades of opening them up to private investment.
Gold production in Egypt is currently concentrated in the Diabetes Mine in the Eastern Desert, which is run by the London-listed Centamin Company.
