Arab Finance: The Canadian gold producer B2Gold is in current negotiation to assign six gold prospecting licenses in Egypt’s Eastern Desert to Lotus Gold Corporation, two Egyptian government officials told Asharq Business.

B2Gold’s decision was derived by its intention to focus on its activity in its newly-assigned gold mine in South Africa, along with the difficulty in obtaining approvals for gold exploration projects in Egypt, one official said.

Another official noted that both companies had informed the Egyptian Mineral Resources Authority (EMRA) of the negotiations, asking it to set the legal terms and mechanisms required for the transfer of ownership.

 

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