Four companies won the licences - Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said.

Egypt has a history of gold-mining stretching back to the pharaohs but now has only one commercial gold mine in operation, Centamin’s Sukari, in the eastern desert region. Sukari contributes up to $900 million a year to the Egyptian economy.

The country is targeting $1 billion dollars of investment in the sector.