Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, announced the achievement of a commercial detection of gold in the Iqaat region in the eastern desert of Egypt with a reserve estimated at more than a million ounces of gold with a minimum and a 95% recovery rate, which is considered one of the highest rates of extraction, and with a total investment over the next ten years, more than a billion Dollars.
It is noteworthy that the new discovery is located in the concession area of the Shalatin Mineral Resources Company, while the Wealth and Resources Mining Company undertakes exploration services in the region in accordance with its contract with the Shalatin Company.
The new commercial disclosure of gold is a result of pure Egyptian investment in the field of gold prospecting and exploitation through the Egyptian Shalatin Company, which is witnessing a successful partnership and fruitful cooperation between a number of sectors of the state and in which both the Egyptian General Mineral Resources Authority, the National Service Projects Authority, the National Investment Bank and the Egyptian Company For mining resources, a new company will be formed between both Shalatin and the Mineral Resources Authority to carry out operations in the disclosure area once the procedures are completed to be the third company in Egypt to extract gold and accompanying minerals, where both the Diabetes Company for Gold Mines and the Hamsh Misr Company for Gold Mines are currently working.
The new discovery coincides with the program of the Ministry of Petroleum and Mineral Resources to develop and modernize the mining sector to increase its contribution to the national product. Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, affirmed the continuation of the implementation of the ongoing program to develop and modernize the mining sector in its second stage, which the Ministry is implementing since the start of its first stage In the year 2018 to the end of the year 2021 with the aim of increasing the investment attractiveness of the mining sector in a way that maximizes the exploitation of available opportunities to raise the economic returns achieved from this vital sector and increase the added value from the exploitation of mineral ores, explaining that in light of the ongoing reforms in all aspects of the mining industry according to the implemented program It is intended to attract foreign direct investment within two years in the mining sector in Egypt, estimated at about 375 million dollars, and to increase the expected direct investments in 2030 from 700 million dollars to one billion dollars.
He pointed out that legislative reforms that are a main focus of the program, which culminated in the issuance of the Mineral Resources Law No. 145 of 2019, have been implemented after amending some of its provisions, issuing its new executive regulations, the listing regulations for the Egyptian General Authority for Mineral Resources, and issuing new models for contracts for research agreements in line with globally applied regulations To attract investments to mining activity and taking into account the interest of the state in this field, adding that the deadline for closing the first bid for gold searches for the year 2020 has been extended and is the first bid in accordance with the new amendments that were launched last March as a result of the pandemic conditions globally Corona, to 15 September 2020 instead of 15 July 2020 with the implementation of a global system for evaluating the submitted offers, taking into account all international requirements to attract investment.
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