(Adds details, background)
CAIRO May 11 Egypt will announce the results of
its gold mining exploration tender next week, Minister of
Petroleum Tarek El Molla said on Thursday.
Egypt, which is hoping that gold production can be a future
source of growth for its struggling economy, began accepting
bids in January for five concessions in its first tender for new
gold exploration since 2009. The deadline for bids was April 20.
"It was a successful bid round because we received a big
number of candidates and investors and we will announce the
results next week with the good offers we got," he said at a
conference in Cairo.
Interest in bidding had been expected to be low as Egypt's
commercial terms for mining have been criticised by investors
for using a model that they consider is not profitable for
Talking about the mineral resource law, Molla said that
regulations were being worked on that would "satisfy most
stakeholders" though he did not say when these would be
(Reporting by Eric Knecht; writing by Asma Alsharif; editing by
Giles Elgood and Susan Fenton)