Barrick intends to work closely with the Egyptian Mineral Resource Authority (EMRA) and other participating exploration and mining companies, over the period of a year, to finalise the terms of Egypt’s exploitation license agreement which will apply to the industry.
“The move into Egypt is an integral part of Barrick’s exploration strategy. Barrick is a global company and we evaluate opportunities anywhere we see the potential for world-class deposits capable of passing our investment filters. We believe that it is essential to move into prospective emerging and under-explored mineral belts to maintain the discovery rate as part of a balanced development strategy,” said Barrick SVP Exploration, Joel Holliday.
In 2021, Barrick expanded its exploration portfolio with the addition of other prospective new property positions in Tanzania, Guyana, Japan, and Nevada.
“The opportunity in Egypt is an exciting addition to our portfolio and we look forward to a long and successful partnership with the Egyptian government,” added Barrick President and CEO, Mark Bristow.
