The Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla announced the launch of a plan to start early production of commercial gold detection in the Eqat area in the eastern desert of Egypt during the coming period in light of the high possibilities of the gold extraction rate of discovery, where the average concentration of gold is 1.5 grams per ton.
The minister’s statements came while presiding over the meeting of the first general assembly of Eqat Gold Mines Company, which is responsible for developing detection, which was achieved with pure Egyptian efforts.
Al-Molla said in a statement that the discovery that was made in the Eqat area is promising, and heralds positive results that increase Egypt’s production of gold, in light of the presence of a reserve estimated at more than one million ounces of gold at a minimum.
The minister added that the total investments in the new mine exceed one US billion-dollar, as it is a product of 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 between a number of sectors of the state in Egypt.