Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Russian Company Aims to Invest $1 Billion in Egypt's Mining Sector

Sun 31 Mar 2024 | 08:41 PM
Taarek Refaat

The Russian company "Infinity" intends to pump investments into Egypt in the mining sector of about $1 billion, after announcing a global bidding for gold carried out by the Shalateen Mineral Resources Company, targeting some of the richest gold areas in Egypt, such as Baramiya and Hamata, whose promising potential in the field of gold has been confirmed. 

The company said in a statement Sunday that it owns a fleet of advanced mining equipment, which uses global technologies that allow remote operation, and operates through a map of investments in several countries, and these countries include Russia, Egypt, Gambia, Guinea Bissau, Poland, Sierra Leone, France, Switzerland, Bahrain, and Saudi Arabia. Tunisia, Turkey, Pakistan, and India, in addition to partnerships in the UAE.

It indicated that this auction is distinguished by being pivotal and distinctive in the series of global auctions for gold exploration, especially in the promising Egyptian Eastern Desert region, as it is considered one of the most important and richest gold regions in Egypt and the highest in recovery rates.

Moreover, the company explained that it intends to launch an intensive training program in Egypt targeting thousands of workers in the mining sector, and aims to localize the mining industry in Egypt, through developing the research and exploration sector with the latest technology and specialized laboratories, and extracting gold and the precious metals associated with it using the latest extraction technology.

It stated that it is working to establish the largest and most modern internationally accredited refinery for developing and casting gold in Africa and the Middle East to attract more investments in the same field, and to open new markets in the Middle East and Africa to advance the regional gold industry.