Egypt has discovered a large deposit of gold in the southeast of the country, amounting to more than a million ounces (nearly 30 tonnes), the Egyptian Minister of Petroleum and Mineral Resources announced on Tuesday. Tarek El-Molla.
The deposit was discovered in an area mined by the national mining company Shalateen Mining Company, the minister said in a statement. Investments in this deposit could reach nearly a billion euros in the next ten years, according to the minister. Most of the country’s gold mines are concentrated in the south-eastern desert, rich in ore.
Last year, Egypt issued new mining regulations to attract investment from foreign companies. The Canadian company Aton Resources became the second foreign entity this year to obtain a mining and exploration license, for the first time in a decade, after the Australian-British company Centamin.
The price of gold on the world market has remained stable after initial losses, as investors rushed to the precious metal, a safe haven in a gloomy global context due to the pandemic of new coronavirus.
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Egypt has discovered a large deposit of gold in the southeast of the country, amounting to more than a million ounces (nearly 30 tonnes), the Egyptian Minister of Petroleum and Mineral Resources announced on Tuesday. Tarek El-Molla.
The deposit was discovered in an area operated by the national mining company Shalateen Mining Company, said the minister in a …
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