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Mining News July 01, 2020 09:35:35 PM

Gold Deposit With Estimated Resources of 1 Million Ounces Unearthed in Egypt

Paul Ploumis
ScrapMonster Author
It must be noted that the country had begun auction of nearly 56,000 square kilometres of concessions in the Eastern Desert.

Gold Deposit With Estimated Resources of 1 Million Ounces Unearthed in Egypt

SEATTLE (Scrap Monster): Egypt announced that it has discovered a gold deposit with estimated resources of over 1 million ounces.

According to the country’s Ministry of Petroleum and Mineral Resources, the deposit discovered in the southeast of the country is estimated to hold gold valued at nearly $1.8 billion at today’s prices. The deposit was found on a military-controlled mining concession run by state-owned Shalateen Mining Company.

The Ministry said that Shalateen Mining Company would partner with the Egyptian Mineral Resources Authority to form a new company to develop the deposit. It foresees an investment exceeding $1 billion over a period of ten years. However, it declined to provide details on the methodology used to determine the size of the deposit.

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It must be noted that the country had begun auction of nearly 56,000 square kilometres of concessions in the Eastern Desert in the month of March 2020. Furthermore, it had extended the auction deadline from July to mid-September so as to accommodate maximum number of bidders. The country aims to attract not less than $375 million in mining sector investments over the next couple of years.

The Egyptian government had recently relaxed mining regulations, in a bid to effectively tap the country’s unexplored rich mineral wealth.

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