The Egyptian Ministry of Petroleum has granted licenses to explore for gold and minerals in eight areas of the Eastern Sahara as part of its efforts to increase investments in the mining sector.
A ministry source told Reuters that the licensing companies were Lotus Gold Holding of Canada, Ah Gold English, Marine Logistics English and Egypt's Inc. Resources.
The Sukkari mine in the Eastern Sahara region is currently the only commercial mine in Egypt.
The mine contributes about $900 million to the Egyptian economy annually.
The Egyptian government is targeting $1 billion in investments in the sector.
A report issued by the World Gold Council indicated that the Central Bank of Egypt bought 44 tons of gold in February, increasing its total holdings by 54% to 125 tons, which is equivalent to 17% of egypt's total reserves, and the highest percentage among the countries of the region.