Egypt discovers new goldmine in Eastern Desert with more than 1M ounces – Egypttoday

Egypt discovers new goldmine in Eastern Desert with more than 1M ounces – Egypttoday

CAIRO - 30 June 2020: Egypt discovered new goldmine in the Eastern Desert, with reserves estimated at more than one million ounces of gold, according to Minister of Petroleum Tarek el-Molla.

Molla clarified in a statement Tuesday that the new discovery is located in the concession area of "Shalatin" Company for Mineral Resources.

The Egyptian General Mineral Resources Authority, the National Service Projects Authority, the National Investment Bank and the Egyptian Mineral Resources Company contribute to Shalatin.

"The extraction rate is 95 percent, which is one of the highest rates, and with total investments over the next ten years, more than $1 billion,“ he noted.

The statement said that a new company will be formed between "Shalatin" and the Mineral Resources Authority to start operations in the disclosure area, to become the third company in Egypt working in extracting gold and accompanying minerals, in addition to Sukari Company for gold mines and Hamsh Egypt for gold mines.

Two companies are currently operating in Egypt to produce gold, which are Australian Pharaonic Company operating in the Sukari mine and the Cyprus-based Mats Holdings, which operates in the Hamsh mine. For exploration and drilling of gold, another two gold companies are operating in Egypt: Canada's Aton