Egypt's Gold Exports Double in 3 Months

Egypt's exports of gold rose by 132 percent in Q2 of the current fiscal year (CFY) compared to Q1 2019.

A central bank report showed that gold exports reached $ 328 million during the period from October-December last year, compared to $ 141.3 million during July -September 2018 of the same year.

However, when compared to the same quarter last year, gold exports declined marginally in the Q2, recording $ 324 million.

Egypt's total exports during Q2 2019 reached $ 7.48 billion, compared to $ 6.78 billion in Q1 2019.

It is noteworthy that the total returns achieved by the Egyptian Mineral Resources Authority (EMRA) during the FY 2017-18 reached EGP 2.45 billion.

[caption id="attachment_59591" align="alignnone" width="620"] Al-Sukari gold mine, Egypt[/caption]

Minister of Petroleum and Mineral Resources Tariq Al-Mulla said in a previous statement that this year will witness the application of an integrated strategy for mining following the ministry's implementation of an intensive package of reforms to promote the mining sector.

Al-Mulla added that the new strategy aims to open new horizons to encourage investors to throw capital into this 'vital sector.'

"We seek to contribute about 2 percent of the total national income from the mining sector," he pointed out.