Centamin said today that a framework for the model mining exploitation agreement has been agreed to in principle with the Egyptian Ministry of Petroleum & Natural Resources and the Egyptian Mineral Resources Authority.
The MMEA sets out the legal and fiscal framework that will apply to commercial discoveries made on the highly prospective c.3,000km2 of ground awarded to Centamin in 2021 for exploration in the Eastern Desert of Egypt.
Centamin CEO Martin Horgan said foundations for the industry have been laid.
"Centamin has successfully operated in Egypt for over 20 years and we believe these terms lay the foundation for developing Egypt's mining sector, unlocking the undoubted geological potential within the country," said Horgan. "The MMEA provides a clear regulatory and fiscal framework that fairly balances risk and reward between the stakeholders while providing a stable operating environment required by the international mining community and its investors."
