(Ecofin Agency) - In Egypt, Oil Minister, Tarek El Molla said at an economic conference on Nov. 14 that the country would launch in December 2016 its first international call to tender for gold concessions, since 2009. The call to tenders was announced earlier this year but was postponed repeatedly.

Following the political crisis of 2011 and global plunge in prices of gold, investors left the country which they already deemed not attracting enough. Despite its mineral-rich underground according to geologists, previous attempts to attract investors all failed.

According to Mr. Molla, mining firm Centamin which operates at the Sukari mine (Egypt’s only gold-exporting mine) paid the government $40 million in profit and $80 million for mine rights since July 2016.

In 2015, the government of Egypt revealed it planned for mining to generate more than 5% of gross domestic product, compared to 1% presently.

Louis-Nino Kansoun