Alexander Nubia Chief Executive Mark Campbell speaks to Reuters TV as the company collects core samples in the Eastern Desert near the southern province of Luxor, Egypt May 20, 2016. REUTERS/Amr Abdallah Dalsh
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Egypt's gold mining industry has for years been long on potential and short on investment – the result of a jarring mismatch between spectacular geology and an unattractive commercial framework for mining.Despite a history of gold mining that stretches back to the pharaohs, the industry is largely dormant. With just a single gold-producing mine, Centamin's Sukari, the sector contributes a fraction of 1 percent to gross domestic product.But last year, Cairo said it wanted mining to contribute upward of 5 percent to GDP within 10 years.This month it will launch its first bid round for new mining concessions since 2009, when a global gold-mining boom brought a handful of first-time investors to Egypt, despite what many of them say were poor commercial terms.Now, armed with a 2014 mining law that helps streamline investment, Egypt wants to lure them back.EMRA has yet to announce the commercial terms for this month's bid round, but Attia says it will stick to the production-sharing model and offer five to seven concessions.
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