L’Egypt has discovered a major gold deposit in the south-eastern part of the country. According to information from the Egyptian Ministry of Petroleum and Mineral Resources, Tarek El-Molla, the gold deposit is estimated at around 30 tonnes. In a press release, the minister specified that the latter was discovered in an area exploited by the national mining company, Shalateen Mining Company. He also pointed out that investments in this deposit could touch almost a billion euros in the next ten years. The majority of gold mines in theEgypt are concentrated in the southeast desert of the country, rich in minerals.
New regulations published last year
It is part of a region known as the Arab-Nubian shield, a geological area that starts from theSaudi Arabia do you Yemen in the east, until Sudan et al’Egypt West. In 2019, the country published new regulations on the exploitation of deposits to attract investment from foreign companies. Note that Canadian society Aton Resources became the second foreign company, to have a license to explore and mine, for the very first time in ten years, after the Australian-British company Centamin.
An international exploration cycle for gold
The cost of gold on the international market has also stabilized following certain initial losses, while investors have rushed towards the yellow metal. This is a safe haven, in an affected global context, due to the health crisis caused by the new coronavirus (covid-19). As a reminder, the petroleum ministry had announced, last February, its intention to launch an international cycle of exploration for gold and other minerals from March 15 to July 15, 2020.
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