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Jul 1, 2020
A gold deposit estimated to hold over 1 million ounces of the precious metal was recently discovered in the Iqat region of Egypt's Eastern Desert, the Oil Ministry said in a statement.
The deposit, which also contains other rare and industrial minerals, is located in an area owned by the Egyptian government. The area could see investments of more than $1 billion over the next 10 years to develop the mine.
This is the first gold mine to be discovered after Egypt modernized its mining sector laws and regulations to encourage both domestic and international companies to explore for minerals in the nations resource-rich south.
The deposit is owned by the Shalateen Mineral Resource Company, a state-owned enterprise, and will begin the development of the deposit with a collection of other state owned companies.
“The discovery is the result of exclusive Egyptian investment into gold exploration and exploitation through Shalateen Mineral Resources Co and a successful partnership… between a number of the state’s sectors, including the Egyptian Mineral Resources Authority (EMRA), the military-owned National Service Products Organisation (NSPO), the National Investment Bank (NIB), and the Egyptian Company for Mineral Resources,” said the company announcing the discovery.
Shalateen will set up a joint venture (JV) with the Egyptian Mineral Resources Authority to mine the area, the statement notes. This will make the JV the third gold mine operation in Egypt alongside the government’s partnership with British-owned Centamin to operate the Sukkari gold mine and the Hamash Company, a JV between the state and Cyprus’ Matz Holding.
This will be the first gold mine completely owned and operated by the Egyptian government, and Egyptian governmental companies, meaning that the profits will go exclusively to domestic sources.
Locations of many of the potential gold mines along Egypt's Eastern Desert
The announced discovery is one of the first after the major reforms the government has undertaken to increase the mining sector's contribution to Egypt’s industrial and economic development. It substantiates claims that there exists large deposits of gold and other resources in the Eastern Desert.
EMRA kicked off the country’s first international bid round for gold and mineral exploration in March 2020 and will accept bids until 15 September for a 56,000 square km exploration area in the Eastern Desert, termed by the government the Golden Triangle for its mineral reserves.
The area has already attracted attention from Canadian-based Aton Mining and La Macha Holdings owned by Naguib Sawiris.
The government hopes that the Golden Triangle project will be a launching pad for the development of Upper Egypt, with the upgrading of cities, ports, roads, farms, and electricity stations for a line of factories for mineral processing. The government has prioritized Safaga, Qena, and Quseir as the main cities for industrial mining development investment.
https://nilefm.com/digest/article/5...iscovers-large-gold-deposit-in-eastern-desert
*Gold is $1,900 per ounce
A gold deposit estimated to hold over 1 million ounces of the precious metal was recently discovered in the Iqat region of Egypt's Eastern Desert, the Oil Ministry said in a statement.
The deposit, which also contains other rare and industrial minerals, is located in an area owned by the Egyptian government. The area could see investments of more than $1 billion over the next 10 years to develop the mine.
This is the first gold mine to be discovered after Egypt modernized its mining sector laws and regulations to encourage both domestic and international companies to explore for minerals in the nations resource-rich south.
The deposit is owned by the Shalateen Mineral Resource Company, a state-owned enterprise, and will begin the development of the deposit with a collection of other state owned companies.
“The discovery is the result of exclusive Egyptian investment into gold exploration and exploitation through Shalateen Mineral Resources Co and a successful partnership… between a number of the state’s sectors, including the Egyptian Mineral Resources Authority (EMRA), the military-owned National Service Products Organisation (NSPO), the National Investment Bank (NIB), and the Egyptian Company for Mineral Resources,” said the company announcing the discovery.
Shalateen will set up a joint venture (JV) with the Egyptian Mineral Resources Authority to mine the area, the statement notes. This will make the JV the third gold mine operation in Egypt alongside the government’s partnership with British-owned Centamin to operate the Sukkari gold mine and the Hamash Company, a JV between the state and Cyprus’ Matz Holding.
This will be the first gold mine completely owned and operated by the Egyptian government, and Egyptian governmental companies, meaning that the profits will go exclusively to domestic sources.
Locations of many of the potential gold mines along Egypt's Eastern Desert
The announced discovery is one of the first after the major reforms the government has undertaken to increase the mining sector's contribution to Egypt’s industrial and economic development. It substantiates claims that there exists large deposits of gold and other resources in the Eastern Desert.
EMRA kicked off the country’s first international bid round for gold and mineral exploration in March 2020 and will accept bids until 15 September for a 56,000 square km exploration area in the Eastern Desert, termed by the government the Golden Triangle for its mineral reserves.
The area has already attracted attention from Canadian-based Aton Mining and La Macha Holdings owned by Naguib Sawiris.
The government hopes that the Golden Triangle project will be a launching pad for the development of Upper Egypt, with the upgrading of cities, ports, roads, farms, and electricity stations for a line of factories for mineral processing. The government has prioritized Safaga, Qena, and Quseir as the main cities for industrial mining development investment.
https://nilefm.com/digest/article/5...iscovers-large-gold-deposit-in-eastern-desert
*Gold is $1,900 per ounce
