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Shalateen Mineral Resources to launch international gold prospecting tender in Q4

Gold Prices

Wed 15 May 2024 | 08:58 PM
Waleed Farouk

Shalateen Mineral Resources is planning to launch a new international tender for gold prospecting in the Wadi Allaqi region in Egypt’s Eastern Desert within the fourth quarter (Q4) of 2024, a government official told Asharq Business.

Wadi Allaqi area will be divided into five gold prospecting sites, to be offered to local and international companies, the official pointed out.

It is worth noting that Egypt’s annual gold production is estimated at 15.8 tons, most of which originates from the Sukari Gold Mine (SGM) in the Eastern Desert, in addition to the Hamash and Iqat mines.

In 2023, the Egyptian government’s share of the SGM production surpassed $130 million.

Shalatin Company was established in 2012 with the aim of carrying out research and exploitation of gold and other mining ores in the region located between latitudes 22 and 24 north in the Eastern Desert, and legalizing the indiscriminate exploitation of gold while re-exploiting old mines in the region.

The Egyptian General Authority for Mineral Resources owns 35% of the company, while the National Service Projects Agency of the Ministry of Defense owns 34%, the National Investment Bank 24%, and the Egyptian Wealth Company 7%.

The government is intensifying its efforts to increase investments directed to the mining and gold sector in particular, as it aims to attract one billion dollars in investments by the year 2030.