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Egypt strikes gold in Eastern Desert

01 Jul 2020
Cairo issued new mining regulations at the start of the year in a move that aims to attract foreign companies. (File photo: Reuters)
Cairo issued new mining regulations at the start of the year in a move that aims to attract foreign companies. (File photo: Reuters)
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Updated 01 Jul 2020
01 Jul 2020
  • The deposit was found in the mineral-rich Eastern Desert on a mining concession

CAIRO: Egypt has discovered a gold deposit estimated at more than one million ounces in the country’s southeast, the petroleum ministry said Tuesday.

“The discovery .... is worth over $1 billion in investments over the next 10 years,” the ministry said in a statement.

The deposit was found in the mineral-rich Eastern Desert on a mining concession run by the state-owned Shalateen Mining Company.

Cairo issued new mining regulations at the start of the year in a move that aims to attract foreign companies.

Canadian firm Aton Resources secured an Egyptian mining license in February — the first issued in a decade.

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