Miners seek gold under the desert sands after Egypt changes rules

(file photo) An old abandoned mine is pictured in the eastern desert near the southern province of Luxor, Egypt

* New tender rounds opening up rich Arabian-Nubian shield * Five firms have signed gold exploration contracts * Government seeking $1 billion of investment annually * Consultant says copper also holds high potential Mining companies awarded blocks in Egypt's Eastern Desert are set to start exploring for gold under a legislative overhaul that seeks eventually to unlock vast untapped mineral resources. Despite plentiful reserves and a rich mining history that gave rise to elaborate Pharaonic gold jewellery, Egypt has just one commercial gold mine in operation. Foreign investment in oil and gas has grown, but mining has languished. Now, the country is banking on high gold prices and amended mining laws that scrap red tape and a profit-sharing rule, unpopular in the industry, to lure interest.