Egypt's gold exploration map is undergoing a significant transformation, shifting from reliance on the Sukari Mine to the entry of global and local mining companies. The Ministry of Petroleum and the Mineral Resources Authority have adopted amendments and facilitations, including converting the authority into an economic entity and amending tender terms. These changes aim to increase the mining sector's contribution to GDP to approximately six percent, up from less than one percent currently. The state now maintains a clear policy aimed at increasing added value by shifting toward domestic processing and halting the export of raw materials.
The open-area system has attracted significant interest, with 119 companies submitting 403 bids across 118 sectors out of 335 offered, covering nearly 45,000 square kilometers. This system offers greater opportunities to companies, and awarding procedures have been streamlined, while geological data and information have been made accessible to enhance exploration, drilling, and production activities. Most current gold exploration activities are concentrated in the Eastern Desert and the Arabian-Nubian Shield, a promising geological belt for gold and associated minerals.
AngloGold Ashanti has entered the Egyptian market through its acquisition of Centamin in November 2024, becoming responsible for the Sukari Mine and its Eastern Desert exploration portfolio. The company's presence extends beyond the mine itself, with applications to invest in 19 gold exploration areas covering over 3,000 square kilometers. A multi-million-dollar budget has been allocated for exploration in virgin areas during 2027. The Sukari Mine has produced over 6.8 million ounces of gold since the start of operations.
Aton Resources, a Canadian company, focuses its operations on the Abu Marawat concession in the Eastern Desert. In January 2024, a commercial discovery was declared at Hamama West and Rodruin, granting the company an exploitation lease covering approximately 57.66 square kilometers. The company has retained an additional 255 square kilometers for exploration and established a 50/50 joint venture with the Egyptian side to manage exploitation operations. Aton has arranged a credit facility worth up to $30 million to fund further exploration and development work at the Hamama project.
Other companies operating in Egypt include Barrick Gold, which entered the market after winning blocks in the 2020 tender, and Lotus Gold Corporation, which signed contracts to explore for gold across 11 sectors. AKH Gold is one of the largest holders of exploration territory among private companies operating in Egypt, with a portfolio covering over 1,900 square kilometers. Afaq Mining operates in the West Jabal Elba area in cooperation with Shalateen Mineral Resources Company, achieving positive exploration results in June 2026.
Shalateen Mineral Resources Company is one of the state's most important arms in gold development in the southern Eastern Desert. Among its most prominent assets is the Iqat area, where a commercial discovery was announced in 2020 with estimated reserves of over one million ounces of gold. The company's role in regulating traditional prospectors' activities is also significant.
The Egyptian government's efforts to increase the mining sector's contribution to GDP are ongoing, with a clear plan to raise the sector's share to approximately six percent. The Ministry of Petroleum and Mineral Resources will continue to work with companies to enhance exploration, drilling, and production activities. With the entry of global and local mining companies, Egypt's gold exploration landscape is expected to continue evolving.
Key points
- The Egyptian government aims to increase the mining sector's contribution to GDP to approximately six percent.
- AngloGold Ashanti has allocated a multi-million-dollar budget for exploration in virgin areas during 2027.
- The open-area system has attracted significant interest from companies, with 119 companies submitting 403 bids across 118 sectors.
