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Rosgeo to bid for license to explore solid minerals in Egypt

January 30/ 08:10

Cairo. Russian geological holding Rosgeo has submitted a bid for the right to explore and develop solid minerals in Egypt, said the holding’s CEO Roman Panov in an interview during his visit to Cairo.

"The Golden Triangle is intended to be a new resource base for the Egyptian economy in terms of solid minerals. The tender documentation has been prepared, we submitted a bid and it is now under consideration. The tender has not yet been announced. But we expect it to be announced already in 2019," Panov said.

He added that it may take up to a year to sum up the results of the tender.

"We expect that in 2019 they will decide on choosing the contractor and works. There are potentially deposits of gold, zinc, manganese ores, and chromium there," he added.

Golden Triangle

In 2017, the Egyptian government approved a bill to establish the Golden Triangle Economic Zone, the area akin to that of the Suez Canal Economic Zone that was created in 2015.

The zone will stretch from the urban outskirts of Qena and Sohag along the Nile, across the mountains to the Red Sea ports of Safaga, Hamrawein and Abu Tartour.

It contains raw materials such as gold, iron, granite, manganese, tungsten, molybdenum, limestone, silver, phosphate, quartz and chrome.

Rosgeo perspectives in Egypt

Panov also said that the holding plans to receive up to $200 mln from the contract, which, in turn, will give Rosgeo the opportunity to license potential sites for further development.

"We can go there as a subsoil user: not only for the provision of services, but also for the subsequent development of deposits," Panov said.

He added that the holding is also negotiating on the water supply of the Sinai Peninsula, where in the future it is planned to drill a large number of exploratory wells to provide backup sources of water supply, report TASS.

Rosgeo is a Russian multidiscipline geological holding company providing the full range of exploration-related services, from regional studies to stratigraphic drilling and subsurface conditions monitoring. The company has unique competencies, particularly in the field of marine geology and offshore operations.

Seismic exploration in Nile Delta

Rosgeo is discussing seismic exploration in the Nile Delta with the authorities of Egypt.

"[Another] area (of cooperation), we are discussing with our colleagues is doing seismic explorations in the offshore zone of Egypt, first of all it concerns the Nile Delta - both the coastal part, transit zones, and the offshore zone of the Mediterranean. There is quite a big interest in 3D seismic explorations there," he said.

"Basically, there is gas there, but perhaps there are relatively small oil fields," the holding’s head added.

According to Panov, the company may transfer its equipment from Sudan to Egypt to perform this work.

Rosgeo is a Russian multidiscipline geological holding company providing the full range of exploration-related services, from regional studies to stratigraphic drilling and subsurface conditions monitoring. The company has unique competencies, particularly in the field of marine geology and offshore operations.

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