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A company affiliated with “Toos Strategies” announced that it had obtained a gold exploration license in the eastern desert in Egypt from Tous Strategies, in which the Egyptian businessman Naguib Sawiris, which the Egyptian Authority for Mineral Resources has agreed to grant a number of gold prospecting licenses located in the eastern desert of Egypt to a company AKH Gold Limited wholly owned by Altus.
The licenses will be awarded as part of the inaugural competition in Egypt which began in 2020. Altus is working with the Mineral Resources Authority to secure definitive exploration license agreements. The company will provide an update on this process and the licenses granted in a timely manner.
Altus CEO Stephen Bolton said gold production in Egypt has been high from the Pharaonic era to the present day thanks to the Sukari mine, which is produced with more than one million ounces of gold. gold, which is managed by Centamin, listed in London and Toronto. Trades.
The licenses were granted after an international tender submitted by a number of major international gold mining companies. The licenses were chosen on the basis of a systematic internal program, in addition to satellite data and historical findings. Several priority targets have been identified, including areas of exceptional historical production.
Our decision to expand our business in Egypt comes after the strategic investment of our parent company, La Mancha, which acquired 35% of Altus in February 2020 to become its main and largest shareholder, as well as the approved amendments. by the State for Egypt’s Mineral Resources Law. It also reflects our deep belief in the investment opportunities available in the country, which are in line with our strategy to continue to grow and diversify our investment portfolio of projects and returns.
The company’s field teams will begin planning for gold exploration upon receipt of final license agreements.
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