10 Feb Altus Strategies acquires new gold exploration licences in Egypt
AIM and TSXV-listed Altus Royalties has grown its footprint in Egypt with four new gold exploration licences, adding to a succession of permits it obtained in January.
The licences are comprised of nine licence blocks totalling 1,565 km2 and will target potential historic workings as defined by in-house satellite data review, Altus said.
The hybrid exploration-royalty generator company’s expansion into the North African country follows a strategic investment for 35% of its share registry by Egyptian-owned private gold investment firm La Mancha.
“It also reflects our belief in the substantial investment opportunity present in the country and is in line with our strategy to continue to grow our diversified portfolio of projects and royalties,” said chief executive Steven Poulton.
Egypt has recently initiated a push to attract foreign capital into the sector with new investor-friendly regulations and an inaugural competitive exploration licence bid round last year.
Unlike it’s natural gas sector, Egypt’s mineral wealth remains largely underexplored and undeveloped, with just one commercial gold mine in operation: Centamin’s Sukari mine, which contributes up to US$900 million a year to the nation’s gross domestic product.
The Egyptian Government has targeted $1 billion in new investments in the mining and energy sectors by 2030.