More than a million ounces .. Egypt announces a commercial disclosure of gold in the Eastern Desert


Dubai, United Arab Emirates (CNN) – The Egyptian government announced, on Tuesday, a commercial discovery of a gold mine in the Eastern Desert, in the “Eqat” region, with an estimated reserve of more than one million ounces of gold, according to a statement of the Ministry of Petroleum and Mineral Resources.

The statement pointed out that the extraction rates in this new disclosure reach 95% and are among the highest extraction rates, noting that the total investments over the next ten years amount to more than one billion dollars.

According to the statement of the Ministry of Petroleum and Mineral Resources in Egypt, the new disclosure will take place in the concession area of ​​Shalatin Mineral Resources Company, while the Wealth and Resources Mining Company will undertake exploration services in the region in accordance with its contract with the Shalatin Company.

The new commercial disclosure of gold is a result of pure Egyptian investment in the field of gold prospecting and exploitation through the Egyptian Shalatin Company, which witnesses a successful partnership and fruitful cooperation between a number of sectors of the state and in which both the Egyptian General Mineral Resources Authority, the National Service Projects Authority, the National Investment Bank and the company Egyptian Mineral Resources “, according to the statement of the Egyptian government.

A new company will be formed between both Shalatin and the Mineral Resources Authority to carry out operations in the disclosure area once the procedures are completed, to be the third company in Egypt to extract gold and accompanying minerals, where the Diabetes Company for Gold Mines and Hamsh Misr Company for Gold Mines are currently working.

For his part, Egyptian Minister of Petroleum Tariq Al-Mulla affirmed, “Continued follow-up of the implementation of the ongoing program to develop and modernize the mining sector in order to increase the investment attractiveness of the mining sector, in a way that maximizes the exploitation of opportunities available to raise the economic returns achieved from this vital sector, and increase the added value from the exploitation of mineral ores “.

The Egyptian Minister of Petroleum and Mineral Resources explained, “In light of the ongoing reforms in all aspects of the mining industry according to the implemented program, it is intended to attract foreign direct investment within two years in the mining sector in Egypt estimated at about 375 million dollars, and increase the expected direct investments in 2030 from 700 One million dollars to one billion dollars. ”

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