Cairo – Mubasher: The Egyptian Mineral Resource Authority (EMRA) is expected to award a number of gold exploration licences in the Eastern Desert to Akh Gold Limited, a totally-owned subsidiary of Altus Strategies Plc.
The Licences will be awarded as part of Egypt's first international gold exploration bid round, which began in 2020, Altus Strategies Plc said in a statement on Monday.
The CEO of Altus, Steven Poulton, said, “Our decision to expand our activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act.”
"On receipt of the definitive Licence agreements, our field teams will commence the planned first phase gold exploration programmes,” Poulton added.
