Egypt’s Minister of Petroleum and Mineral Resources, Tarek al-Mulla, has announced discovery of gold in the region of Iqat in the Eastern Desert, with reserve of more than one million ounces of gold at an extraction rate of 95 per cent, considered among the highest extraction rates. The total investment in the find over the next ten years will stand at more than USD1 billion.
Mr Mulla told the media that the new discovery is a purely Egyptian endeavour in the concession area of Shalateen Company for Mineral Resources (SCMR). “It is the outcome of partnership between the SCMR and the Egyptian Mineral Resources Authority (EMRA),” he said, “and of fruitful cooperation between the National Service Projects Authority, the National Investment Bank and the EMRC.”
30 June 2020