Dr. Ashraf Ghorab, an economist and vice president of the Arab Union for Social Development in the Arab Action System of the League of Arab States for Economic Development, said that the announcement of the start of experiments to operate commercial production of gold from the “Iqat” site in southern Egypt, in which the extraction rate is 95% and with reserves estimated at 1.2 million ounces, it is the third site for gold and mineral extraction in Egypt, and it is done through pure Egyptian investments, which contributes to increasing the national product and national income.
Egypt is full of mineral resources
Crow explained, that discover this site and start producing gold From him, he confirms that Egypt has very important mineral resources and a huge mineral wealth, and the time has come to exploit them with the efforts of the wise political leadership and with Egyptian hands to contribute to increasing the national income from precious metals, in order for minerals to enter most of the raw materials for industries, in addition to increasing Egypt’s exports of gold and increasing the Egyptian reserves. Hence, this contributes to an increase in the gross domestic product.
Ghorab indicated that this discovery restores Egypt to its position as a country that extracts, manufactures and exports gold, and this file is able to support means of economic development in Egypt and increase hard currency and monetary resources, by increasing the volume of Egypt’s exports of gold. gold Especially after its global price hike as a safe haven for investors to resort to, especially after the American banking crisis, explaining that Egypt, under the wise political leadership, has made great use of its natural and mining resources, and this will bring great economic benefits to Egypt.
Increasing Egypt’s production of gold
Ghorab continued, that increasing Egypt’s production of gold enables the state to build up a large reserve of gold, which is considered a safe haven, and this means increasing Egypt’s share of gold, which raises the strategic reserve and supports the stability of the value of the pound against the currency basket.