2023-07-07 19:58:00
Egypt is working hard to develop the mining sector as a sector that attracts investments and is able to contribute strongly to the national product, as Egypt has very important mining areas in the eastern desert region.
Big jump in gold production
According to sources, the government announced its intention to establish 6 complexes that include mills that extract gold, which are scattered in the eastern desert, in light of Egypt’s efforts to increase the quantities of gold received locally.
The government-affiliated Shalatin Mineral Resources Company will work on establishing these complexes in order to collect and help companies and individuals increase the productivity of gold supplied to the government.
It is noteworthy that the Shalatin Company had delivered to the Central Bank of Egypt 240 kilograms of gold during the first four months of 2023, and it had received 629 kilograms of gold in 2022, and 268 kilograms in 2021.
The latest statistics of the World Gold Council showed that Egypt produces 15.8 tons of gold annually, and is working to increase its efforts and investments in the gold mining sector in particular, and aims to invest up to one billion dollars in the mining sector until 2030.
In February 2023, the World Gold Council ranked Egypt third among the most developed countries in increasing gold reserves over the past year.
The year 2022 witnessed Egypt’s tendency to buy 44.64 tons over the past year, and 44 tons were added to the reserves in February at once, and approximately 64 kilos were purchased at a later stage, to record 125.55 tons of gold reserves in Egypt.
According to the report issued by the World Gold Council, the Central Bank of Egypt was the “largest buyer of gold” among global central banks during the first quarter of 2022, after it acquired 44 tons of the precious metal in February.
Two million ounces for reserve
Egypt’s exports of gold, jewelry and precious stones increased by 47% during the first 10 months of 2022, to reach $1.326 billion, compared to $901 million during the same period of 2021, according to a report of the Building Materials Export Council.
Egypt had exported gold, jewelry and precious stones to 37 countries during 2022, while Canada controlled 50.2% of Egypt’s total exports of gold, jewelry and precious stones, at a value of $666 million, compared to $500 million, with a growth of 33%.
According to a study conducted by the Egyptian Observatory for Thought and Strategic Studies, Egypt hosts about 270 gold-producing sites, including about 120 well-known sites and mines from which gold was extracted in the past, and they are divided into 4 sectors.
Gold is extracted in two ways, the first is traditional, which is digging mines and breaking up the shiny rocks, and the second method, which is modern, during which geological studies are carried out for the areas where gold is present in the inner layers of the earth, and by using huge and large machines that make deep excavations in these areas.
Gold is extracted in its raw form with rocks and other minerals that stick to it, then the process of purifying it from impurities and other minerals present with it begins.
The study added: Gold production is concentrated in Egypt in 3 locations in the Eastern Desert, which are Jabal al-Sukari, the Hamish region, and Wadi al-Alaqi. It is located in the Eastern Desert and is managed by the Hamash Misr Gold Mines Company.
It is worth noting that the production of the Sukari mine, since the start of work in 2009 until the end of last February of this year, amounted to about 5.2 million ounces, in addition to a large volume of revenues that exceeded about $7.5 billion, since the start of production in 2009.
1.2 million ounces of gold
Here, it must be noted the success of the Sukari mine during the past two years in adding about two million ounces to the mineral reserves, with a target of producing between about 450 and 480 thousand ounces during 2023, as the Sukari mine witnessed in recent years the implementation of geophysical exploration using modern technologies for the first time in Egypt.
It is worth noting that the first gold ingot was produced from the Iqat mine as initial operating trials in January 2023. It is noteworthy that the Iqat commercial discovery of gold in the Iqat region in the eastern desert of Egypt was achieved with pure Egyptian efforts and includes high possibilities for the percentage of discovery gold extraction.
The average concentration of gold was 1.5 grams per ton, and the discovery achieved in the Iqat region is considered promising, promising positive results that will increase Egypt’s production of gold, in light of the presence of reserves estimated at more than one million ounces of gold at a minimum, and with total investments exceeding the barrier of one billion dollars.
It is also a product of pure Egyptian investment in the field of gold exploration, thus Iqat will be the third company in Egypt to extract gold and associated minerals, where both the Sukari Gold Mines Company and Hamesh Misr Gold Mines Company are currently operating.
And in March 2023, trials of operating the commercial production of gold from the Iqat site in southern Egypt began, which comes as a culmination of the ambitious plan that was drawn up to start production early in light of the characteristics of the site, whose reserves are estimated at about 1.2 million ounces of gold, while the extraction rate in it is 95%, which is considered one of the highest extraction rates.
And according to what Engineer Tariq Al-Mulla, Minister of Petroleum, said at the time, the site is characterized as a pure Egyptian investment in the field of gold exploration and exploitation through the Egyptian Shalateen Company, which is witnessing a successful partnership and fruitful cooperation with the Egyptian private sector, pointing out that Iqat Gold Mines Company was formed between Shalateen, the Mineral Resources Authority, and the Wealth and Resources Mining Company in charge of the discovery area.
Then, work began to establish highly efficient facilities and infrastructure and to operate it through a group of Egyptian youth with skills and experience within a system that includes some specialized international experts with them, and this is in addition to the important steps achieved by the mining file.
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