The deposit is located in a mining concession located in the Arabian desert, rich in minerals.
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Egypt has discovered a gold deposit estimated at more than 1 million ounces (about 28,000 kilograms) in the southeast of the country in the Arabian desert region, Egyptian Oil and Mineral Resources Minister Tarek al Mulla announced on Tuesday.
The reserve has a recovery rate of 95%, that is, one of the highest extraction rates, and could count on a total investment of 1,000 million dollars in the next 10 years.
The state mining company Shalateen Mining Company and the Egyptian Natural Resources Authority will create a joint venture that will be the third of its kind in Egypt in the area of gold mining.
Cairo is trying to attract foreign investors to its mining sector with new mining regulations aiming to raise some $ 375 million over the next two years.
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