Investors reveal to Al -Sharq their plans to explore gold in Egypt

Egypt is increasing its efforts to increase the investments addressed to the mining and gold sector, as it aims to attract one billion dollars annually by 2030, in addition to increasing gold production annually to 800 thousand ounces during the next six years. The country has already attracted local and international companies that have begun exploration and production operations in areas where the concession has the law. AL -SHARQ channel interviewed presidents and managers of various companies active in Egypt in this area, on the sidelines of the mining forum held in Cairo, where they revealed their continued projects and future plans related to the exploration and production of gold in Egypt. The start was at Gillian Duran, executive director and financial officer of “Anglo Gold Gold ICTA”, an investor in the Gold’s diabetes mine, stating that her company completed her acquisition of the mine in November last year. She noted that the production of gold from the diabetes mine is annually 450 thousand ounces, which is equivalent to 15% of the company’s production worldwide, “which supports the center of our business as the fourth largest gold production company in the world.” The benefits of the Egyptian diabetes mine Duran pointed out that the diabetes mine is one of the most important assets of the business, “because it is characterized by a long life and a decrease in production costs and an ability to expand,” and adds that it has a large number of workers, 97% of the Egyptians. It is estimated that Egypt produces approximately 15.8 tonnes of gold annually, most of which come into the eastern desert, in addition to the “Hamash” and “staff” mines. Hani Mustafa, chairman of the Egyptian “Shalatin Mineral Resources” council, revealed that the company is preparing gold mining auctions next month for the launch, which will be available for international and local enterprises within its privileged area between the two linear and 24 degrees of Sub -Saharan. He added during an interview with “Al -Sharq” that the company has allocated 100 million pounds for a three -year -old self -exploration project for “Hanajlia” and “Umm old” in Marsa Alam, and noticed that the initial indicators indicate a discovery of commercial sizes, “but it is too early to accurately determine the volume reserves at this stage.” As for the industrial complex, which the company owns in Dahit in Aswan, Mustafa said that the construction work of the project, which stretches more than 1420 hectares, is completed by up to 70%, and the completion of the complex is expected at the beginning of next year, and it is estimated that the production of the business would be raised at the time. ‘Shalatin’ owns ‘the Egyptian General Authority for Mineral Resources’ 35% of the ‘Shalatin’ company, while the ‘National Service Projects’ of the Ministry of Defense owns 34%. As for the national investment bank, it owns 24% of the company, and the Egyptian resource business owns 7%. As for Amr Al -Mirrafawi, head of the Egyptian “Horizons” group, he said that the company was preparing to announce the discovery of gold next October, and explained that this discovery came as a result of exploration and exploration work in only a small area in ‘romat’ within the concession area of 500 square kilometers. Al -Mirrafawi has continued that the company has so far pumped more than $ 20 million on research and exploration, while it aimed to pump new investments of $ 10 million and $ 15 million during the next year. Discussions with the Egyptian government hold ‘prospects’ with the Egyptian government to establish a gold production factory, which will be built for two years and the investment volume is about $ 50 million, according to Al -Marharawi. In the same context, the Canadian company “Aton Resources” allocated $ 60 million to the establishment of a gold extraction and processing factory in the “Hamama” area, which is expected to start with an annual production volume of 25 thousand ounces within two years, according to CEO Tono Fahk. He said during an interview with ‘Al -Sharq’ about the project: ‘Despite his childhood, it is a good start that enables the presence of mining companies working in Egypt, and it starts to create positive cash flow for the business.’ He revealed during an interview with ‘Al -Sharq’ that the company in Egypt has invested more than $ 50 million in search and exploration, and plans to spend up to $ 90 million before starting commercial production. In January 2024, the company “Aton Resources” obtained a privileged mining license with an area of 57.66 square kilometers, which covers the two areas of West and Roderin, for a preliminary 20 -year period, along with an extra exploration space of 255 square kilometers, which was still four years. In June of the same year, a joint company was established between the Egyptian General Authority for Mineral Resources and the company “Aton” in preparation for the start of the commercial detection exploitation.