The government is looking to attract $1 billion in annual investments in mining, a target industry sources say could be within reach.
UK-based Altus Strategies (ALS.L) told Reuters it was looking to build up its technical team and conduct remote sensing and mapping operations on the 1,500 square kilometres of land it has been awarded before starting exploration.
However, the retention of a tendering process for exploration blocks limits the chances of any gold boom, said Sami El Raghy, Chairman of Australia-based Nordana Pty Ltd.
“No other successful mining countries use this process. They all have a clear transparent mining laws stipulating the qualification, obligations and the rights of investors. (They) work on the principle first come, first served,” said El Raghy, who was also a founder of Egypt’s first and only commercial gold mine, Sukari.
The government has said it is open to other minerals, but gold is the focus for now.