Egypt re-maps its gold expansion as global and local mining giants step in

Egypt’s gold exploration map is undergoing a major reshaping, with the market shifting from almost complete reliance on the Sukari Mine to the entry of global and local mining companies that have recently begun operating in Egypt. The number of companies is expected to rise in the coming period, particularly after the Ministry of Petroleum and the Mineral Resources Authority adopted amendments and facilitations. These include converting the authority into an economic entity, amending tender terms, and adopting the “open-area system” to offer greater opportunities to companies. Awarding procedures have additionally been streamlined, while geological data and information has been made accessible to companies to enhance exploration, drilling, and production activities. Furthermore, the state now maintains a clear policy aimed at increasing added value by shifting toward domestic processing and halting the export of raw materials. Most current gold exploration activities are concentrated in the Eastern Desert and the Arabian-Nubian Shield, as this is one of the most promising geological belts for gold and associated minerals. This aligns with a clear plan to raise the mining sector’s contribution to GDP to approximately six percent, up from less than one percent currently. According to data from the Ministry of Petroleum and Mineral Resources, the open-area system attracted applications from 119 companies during its first three months—including over 14 foreign companies—which submitted 403 bids across 118 sectors out of 335 offered, covering nearly 45,000 square kilometers under the recently launched tender. Companies operating in Egypt 1. AngloGold Ashanti Tops the list after entering the Egyptian market through its acquisition of Centamin in November 2024, becoming responsible for the Sukari Mine and its Eastern Desert exploration portfolio. The Sukari Mine is located approximately 30 kilometers southwest of Marsa Alam, with a concession area covering about 160 square kilometers. The company’s presence extends beyond the mine itself; AngloGold Ashanti CEO Alberto Calderon revealed at the Egypt Mining Forum that the company submitted applications to invest in 19 gold exploration areas covering over 3,000 square kilometers. He stated that a multi-million-dollar budget has been allocated for exploration in virgin areas during 2027, without specifying an exact investment amount. According to capital expenditures recorded for the mine during 2025, spending reached US$262 million, with declared production standing at approximately 500,000 ounces for the year. The total production from Sukari since the start of operations has exceeded 6.8 million ounces, according to company statements from September. 2. Aton Resources (Canada) This company focuses its operations on the Abu Marawat concession in the Eastern Desert. It began working on the concession in 2007 and succeeded in developing several prospects and deposits, including Hamama, Rodruin, Abu Marawat, Semna, and Sir Bakis. In January 2024, the most significant turning point occurred when a commercial discovery was declared at Hamama West and Rodruin, granting the company an exploitation lease covering approximately 57.66 square kilometers for an initial 20-year period, extendable by ten years. The company retained an additional 255 square kilometers for exploration, while the Abu Marawat Gold Mines was established as a 50/50 joint venture between the Egyptian side and Aton to manage exploitation operations. On the financing front, Aton announced in September that it arranged a credit facility worth up to $30 million to fund further exploration and development work at the Hamama project. 3. Barrick Gold It entered the Egyptian market after winning blocks in the 2020 tender, signing four contracts in July 2021 covering 19 sectors in the Eastern Desert with declared exploration investments of approximately $8.8 million. During 2025, the company conducted geological expeditions and studies across several sites, including Wadi Allaqi, where the Ministry of Petroleum announced that samples collected by Barrick showed promising indicators and extended mineralization in quartz veins and rock alteration zones. In January, the company met with the Ministry of Petroleum to discuss launching exploration programs in new areas across the Eastern Desert. 4. Lotus Gold Corporation (Canada) In January 2021, the company signed three contracts to explore for gold across 11 sectors, with contractual investments totaling approximately nine million dollars. In November 2023, another contract was added covering three sectors over a total area of approximately 525 square kilometers, with investments estimated at around $2.5 million. Among the most prominent areas where the Ministry confirmed the company’s progress during 2024 were Wadi Zaidoun, Umm Samra, Seqdid, and Umm Salim in the Eastern Desert, where the company is conducting exploration and drilling programs aimed at reaching a commercial discovery. In January, Lotus confirmed its continued presence in Egypt, its commitment to long-term investment, and the expansion of its activities. 5. AKH Gold It is one of the largest holders of exploration territory among private companies operating in Egypt. The company began with four exploration contracts across nine sectors in the Eastern Desert, with an initial investment commitment of approximately $4.1 million. The core portfolio included four main areas: Wadi Dubur, Wadi al-Jundi, Jabal al-Shalul, and Jabal Umm Arada, with a total area reported by the Ministry of Petroleum at approximately 1,566 square kilometers. The company then expanded in January 2024 with a new contract covering approximately 350 square kilometers in the areas of Bir Asal and Jabal al-Mayyit in the Eastern Desert. Company data indicates that its Egyptian portfolio now covers over 1,900 square kilometers, making it one of the largest exploration companies in terms of licensed acreage. 6. Afaq mining The company operates in the West Jabal Elba area in the southern Eastern Desert in cooperation with Shalateen Mineral Resources Company. In June 2026, the Ministry of Petroleum confirmed that the company achieved positive exploration results. The ministry had indicated in August 2025 that studies were ongoing to increase and confirm gold and mineral reserves in West Jabal Elba, with indicators exceeding 300,000 ounces of gold ahead of a potential commercial discovery declaration. 7. Shalateen Mineral Resources Company One of the state’s most important arms in gold development in the southern Eastern Desert, in addition to its role in regulating traditional prospectors’ activities. Among the company’s most prominent assets is the Iqat area, where the Ministry of Petroleum announced a commercial discovery in 2020 with estimated reserves of over one million ounces of gold. Data from the Mineral Resources Authority indicates that the development plan for the discovery targeted investments exceeding one billion dollars over ten years. 8. Red Sea resources This company signed three contracts to operate across five sectors, with declared exploration investments of approximately $5.5 million. The company remains present within the Egyptian mining community and appeared among the participating companies at the Egypt Mining Forum 2026. 9. Nubian mining The company signed a contract with investments of approximately $5.2 million to explore in one of the Eastern Desert sectors. In July 2025, the Ministry of Petroleum confirmed the continuation of the company’s exploration, prospecting, and gold production activities in its concession areas, with the company declaring results described as promising. Edited translation from Al-Masry Al-Youm