Egypt announced the achievement of a commercial disclosure of gold in the Eastern Desert, estimated to hold more than a million ounces of gold.
According to Reuters, the Ministry of Petroleum and Mineral Resources said in a statement that the new discovery is located in the concession area of the Shalatin Mineral Resources Company.
She said that the extraction rate is 95 percent, which is one of the highest extraction rates, and with total investments over the next ten years, more than a billion dollars.
The Egyptian General Authority for Mineral Resources, the National Service Projects Authority, the National Investment Bank, and the Egyptian Mineral Resources Company contribute to the Shalatin Company.
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 the extraction of gold and associated minerals, alongside a company Diabetes for Gold Mines and Hamsh Misr Company for Gold Mines.
He continued, "It is intended to attract foreign direct investments within two years in the mining sector in Egypt, estimated at 375 million dollars, and to increase the expected direct investments in 2030 from 700 million dollars to one billion." Dollars.
