Egypt plans to accelerate its activities in the field of gold mining within the next several years, according to recent statements, made by an official spokesman of the Egyptian government and some local media reports.
It is planned, most of these activities will be conсentrated on the development of a newly discovered gold field in the country with reserves of more than 1 million ounces, which is located in the Eastern Desert of the country.
The new field is located in the Ikat region in the Eastern Desert, while its gold recovery rate is estimated at 95%.
As part of these plans of the Egyptian government and some private investors to invest about US$1 billion in the development of the field within the next 10 years.
It is planned, the majority of works will be jointly carried by a local mining company Shalateen, together with Egypt's Mineral Resources Authority in the form of a JV.
At present, the Egyptian government continues its works for the design of a new strategy for the development of mining sector of the country. The strategy involves the attraction of US$375 million of foreign investment in the country’s mining sector over the next two years, bringing this figure up to US$700 million by 2030, and US$1 billion by 2035.
By: Eugen Gerden