Egypt unravels new goldmine in Eastern Desert with more than 1M ounces

Egypt discovered new goldmine in the Eastern Desert, with reserves estimated at more than one million ounces of gold, according to Minister of Petroleum Tarek el-Molla.

Molla clarified in a statement Tuesday that the new discovery is located in the concession area of “Shalatin” Company for Mineral Resources.

The Egyptian General Mineral Resources Authority, the National Service Projects Authority, the National Investment Bank and the Egyptian Mineral Resources Company contribute to Shalatin.

“The extraction rate is 95 percent, which is one of the highest rates, and with total investments over the next ten years, more than $1 billion,” he noted.