Minister of Petroleum: Mining Sector Achieves $1.5 Billion in Gold and Silver Sales Over One Year

Kareem Badawi, Minister of Petroleum and Mineral Resources, stated that promising indications of new gold reserves in Egypt's Eastern Desert were revealed during an exploratory visit conducted by global mining giant Barrick Gold last April.

Speaking at the Egypt Mining Forum held today in Cairo, the minister noted that the mining sector witnessed exceptional performance last year. Production of mineral ores increased by 39%, reaching 26 million tons, while export revenues from these ores jumped by 131%, generating an additional $446 million.

Badawi pointed out that Egypt produced approximately 640,000 ounces of gold and silver over the past year. He explained that gold sales saw strong growth of 57%, reaching around $1.5 billion, reflecting the sector’s growing attractiveness to international investors.

He added, “A total of 1.4 million tons of mineral ores and products were exported during the year, valued at $52.5 million — excluding phosphate ore.”