Egypt will remain an important number in the global gold market.. What happened and why do we say that, and what is happening in the gold mines now, and how will Egypt invade the gold jewelry market in the global markets.. Stay with us until the end and you will know the details in this video.
Egypt was one of the first countries to know the value of gold and discovered mines in the middle of the mountains since the days of the Pharaohs. These mines still exist until now, and Egypt also has very important mines of the yellow metal, the most important of which is of course the Sukari mine, which is considered one of the 10 largest mines in the world, and this is not the new discoveries that we hear about. Every day there are more treasures of gold that are still under excavation. For this reason, the government reviewed its position in the gold trade and decided to exploit all the capabilities available in the infrastructure. The infrastructure for the gold industry is turning into a big monster in the global gold market… but how will this happen?
Look, sir, who was at the time when the Gold Industry Division published a report in which it said that the Egyptian government’s plan aims to enter Egypt among the top 20 countries exporting jewelry and precious metals during 2025, meaning during the next year, and this is a very short time, but the division based its expectations on the growth of the gold industry in Egypt, which It has an excellent international reputation, as well as the recent discoveries of gold in more than one mine.
In numbers, the Abu Marwat Gold Extraction Mines Company revealed that the studies that the company is currently conducting to evaluate its gold reserves in Egypt indicate that the reserve could jump to half a million ounces, compared to 150 thousand currently, according to sources in the joint company owned equally between the General Authority for Mineral Resources and Aton Company. , Canadian, according to the agreements, it must hand over to the Central Bank all the gold it needs.
It is expected that the company’s investments in Egypt will reach $45 million by the end of 2024, compared to $40 million at the end of last June. The Canadian “Aton”, the main shareholder in “Abu Marwat”, announced new positive results after examining surface samples within an exploratory area in the Abu Marwat concession in the Eastern Desert. The company has developed plans to develop the West Hamama mine to be the first mine to be operated in the concession.
We go to the Sukari mine, which the new company that obtained the right to operate announced that it has ambitious plans to raise production in the largest open-pit gold mine in the world. Currently, the Sukari mine is close to producing 500 thousand ounces (ounces) of gold annually on an ongoing basis in the long term, with the end of a program to restore gold. Investment in the current year.
And I still have the numbers, which say that Egypt produces about 15.8 tons of gold annually, according to the latest statistics of the World Gold Council, and it has 270 gold sites, including 120 sites and mines from which gold was extracted in the past, and they are distributed into 4 sectors, and the amount of Egypt’s gold reserves increased during the current year. 2024 according to a statement by the Ministry of Petroleum and Mineral Resources.
Karim Badawi, Minister of Petroleum, revealed that Egypt’s gold reserves are currently estimated at about 7.3 million ounces, and last fiscal year it produced about 560,000 ounces of gold and about 17.5 million tons of other metals, and it is planned to reach 800,000 ounces of gold and 30 million tons of metals. The other during 2030, and the Ministry sought to increase the mining sector’s contribution to the national product to 5% instead of less than 1%. Currently, he stressed efforts to implement more reforms and attract investments to the mining sector.
