The Egyptian Ministry of Petroleum and Natural Resources announced that the country has discovered a huge gold mine in the eastern desert with reserves of about 1 million ounces (more than 35 tons) and a mining potential of up to 95%. .

Egypt Today newspaper on June 30 quoted Minister Tarek el-Molla as saying that this is one of the mines with the highest mining potential, and thus will attract foreign direct investment in the mining industry to 1 billion. billion USD in the next 10 years.

This important discovery is the result of investment and exploration cooperation between Shalateen Mineral Resources Company and many other state-owned enterprises and organizations such as the Egyptian Mineral Resources Authority (EMRA), National Service Products (NSPO), National Investment Bank (NIB) and Egyptian Mineral Resources Company.

On that basis, a joint venture between Shalateen Company and EMRA will be established to jointly conduct exploration, making this enterprise the third gold and resource exploiter in the North African country, after Sukari Company. Gold Mining and Hammash Misr.

The gold mine in the eastern desert was discovered as the Egyptian Ministry of Petroleum and Natural Resources is implementing an ambitious plan to increase the mining industry’s contribution to gross domestic product.

Phase two of this plan will be implemented after the end of the first roadmap, lasting from 2018 to the end of 2021.

According to current market prices, the gold reserves in the newly discovered mine are worth at least 1.8 billion USD.

Egypt is currently looking to attract about $375 million in foreign direct investment in the mining industry over the next two years. This number is expected to increase to 1 billion USD by 2030.

Egyptian authorities also announced that they would extend the international bidding period to explore gold mines in the eastern desert region until September 15, after the bidding round at the end of March was interrupted. due to the impact of the COVID-19 epidemic.

Gold mining in Egypt’s eastern desert is currently concentrated in three locations: Sukari Mountain, Hamash and Wadi al-Alaqi.

The Egyptian Mineral Resources Agency (EMRA) also confirmed that gold mines in Egypt exist at 120 ancient sites and the government has not yet focused on exploiting them much.