Altus Strategies PLC - Africa-focused mining royalty company - Says subsidiary Akh Gold Ltd has been granted four gold exploration licences comprising nine licence blocks by the Egyptian Mineral Resource Authority. Notes the licences total 1,565 kilometres squared in eastern Egypt within the Arabian Nubian Shield, between 30 kilometres and 100 kilometres from the Red Sea coast. Says a signing ceremony with the Egyptian Mineral Resource Authority is expected to be held shortly.
"The award of the licences follows a competitive international bidding process in which a number of major gold mining groups participated. Our decision to expand our activities into Egypt follows the strategic investment by Egyptian-owned La Mancha, which acquired a 35% interest in Altus in February 2020, and follows favourable amendments to the Egyptian Mineral Resources Act. 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," says Chief Executive Steven Poulton.
Current stock price: 89.00 pence, up 4.7% on Tuesday
Year-to-date change: up 15%
By Zoe Wickens; zoewickens@alliancenews.com
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