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Egyptian Parliament Approves Sukari Gold Mine Agreement with StenaMin for 30-Year Term

Waleed Farouk During its plenary session on Monday, the Egyptian House of Representatives approved a draft law allowing the Minister of Petroleum and Mineral Resources to enter into a contract with the Egyptian Mineral Resources Authority (EMRA) and StenaMin Central Mining Company for the exploitation of gold ore and associated minerals in the Sukari concession area, for a period of up to 30 years. MP Mohamed Mostafa El-Sallab, Chairman of the Industry Committee, presented the joint committee's report, noting that the agreement falls under Law No. 198 of 2014 on Mineral Resources and its amendments, and aims to strengthen Egypt's mining sector and attract foreign direct investment (FDI). According to the agreement, StenaMin, a company established under Egyptian law, will bear all investment and operational costs of the project, without any financial obligations or guarantees from the Egyptian state. These costs include infrastructure development, mining operations, and production activities. The company is also obligated to pay an annual rent of EGP 25,000 per square kilometer of the concession area, paid in advance. The first installment is due within 15 days from the date the license becomes effective. Additionally, StenaMin will pay a 5% royalty on the net proceeds from gold sales (tax-exempt) and 15% of net taxable income to the Mineral Resources Authority. The report emphasized that the company will be subject to all applicable Egyptian tax laws, including value-added tax (VAT) and customs duties, and must pay all dues on time. Any payment delays will incur an annual interest penalty of 5%. The agreement also includes provisions for conducting all financial transactions in foreign currency, giving priority to locally sourced goods and services when quality and price are equal to imported alternatives, and requires the company to carry out a comprehensive environmental and social impact assessment. Furthermore, the company will own all gold and associated minerals upon extraction, and the Egyptian government commits not to nationalize or expropriate the company's assets except in accordance with the law. El-Sallab emphasized that the agreement will help attract new foreign investment, increase state revenues, transfer mining expertise to local talent, create new job opportunities, support foreign currency reserves, and boost GDP growth. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean