Egypt’s Gold Exports Plunge to EGP6 bln in 11 Months

Egypt’s gold exports reported a sharp fall during the period starting from January – November 2013 to hit around EGP 6 billion, Amwal Al Ghad has cited sources from the Foreign Trade Sector as saying on Saturday.

The sources further stated that Egypt’s gold exports from Jan-Nov 2013 dropped by around 33%, against EGP 9.2 billion for the same comparable period in 2012.

The sources have attributed the decline to the unstable working environment at Egypt’s largest gold producer Sukari Gold Mine resulting from workers’ strikes and court disputes.

By the end of 2012, Egypt’s exports of gold reached around EGP 10.034 billion.