Barrick Gold Corporation [NYSE: GOLD] has disclosed on Monday that it has received four exploration licenses for 19 blocks after its participation in the International Bid-Round (1)/2020 managed by the Egyptian government for exploration of gold and associated minerals in the highly prospective Eastern Desert region of the country.
Barrick is planning to work closely with the Egyptian Mineral Resource Authority (EMRA) and other participating exploration and mining firms, over the period of a year, to execute the terms of Egypt’s exploitation license deal which will apply to the industry.
Shares of Barrick Gold soared 0.31% as the firm has gained +0.07 at the time of writing on Tuesday. In the past 52-weeks of the trading session, the share of the firm has oscillated between the 52-week low and high range of $18.53 and $31.04, respectively. GOLD has a total market capitalization of $37.23 billion at the time of writing.
Furthermore, in 2021, Barrick extended its exploration portfolio with the addition of other prospective new property positions in Tanzania, Guyana, Japan and Nevada. The license which the firm has gained in Egypt is an important part of Barrick’s exploration strategy. Barrick is a global firm and it assesses opportunities anywhere it sees the potential for world-class deposits capable of passing its investment filters.