The Egyptian Ministry of Petroleum and Mineral Resources plans to launch an international bid for gold exploration, on Monday, allowing Egypt the rights to explore for gold in the Eastern Desert through the state-run Shalateen Mineral Resource Company (SMRC).
The company opens the door to bid for gold exploration in the Eastern Desert from Monday until August 10. Areas offered for exploration will be Fatiri, Baramiyah, Oqoud, Umm Oud and Hamata.
Egypt seeks to pump an investment of nearly one billion US dollars in the mining sector by 2030, in order to expand the use of mineral resources.
The Egyptian General Authority for Mineral Resources owns 35 percent of the SMRC, which will launch the gold bid, while the National Service Projects Organization, of the Defense Ministry, owns 34 percent, the National Investment Bank owns 24 percent, and the Egyptian Company For Mineral Resources (ECMR) owns seven percent.
Egypt produces first gold ingot
The Adviser to the Minister of Supply and Internal Trade for Gold Industry Affairs Nagy Farag announced that Egypt has produced its first locally made gold ingot, sourced from the Igat mine in the Eastern Desert discovered in June 2022.
During a telephone interview with the Sada al-Balad TV channel on Monday evening, Faraq said that Egypt has 100 mines, the largest being the Sukari Gold Mine which contains 12 million ounces of gold – whereas the Iqat mine contains one million ounces of gold.
He added that the rise in the strategic reserves of gold gives strength to the Egyptian pound.
The gold extraction process must be carried out locally by Egyptian hands, he said, and referred to the abundance of gold are still available across the nation.
