Shalateen Increases Gold Deliveries to Central Bank to 240 Kg in 1st Quarter of 2025

Egyptian Shalateen Mineral Resources Company increased its gold deliveries to the Central Bank during the first quarter of the year by 10% year-on-year to 240 kilograms, valued at more than EGP 550 million.

The company had announced plans to increase gold deliveries in Egypt by 25% this year, to 1.25 tons of gold compared to 1 ton in 2024.

Shalateen receives gold monthly from companies and individuals licensed to operate in areas where it holds concession rights in the Eastern Desert. It delivers it to the Central Bank based on the gold price on global stock exchanges in US dollars, which is denominated in the officially approved Egyptian pound.

The Egyptian Mineral Resources Authority owns 35% of the company, while the National Service Projects Organization, affiliated with the Ministry of Defense, owns 34%, the National Investment Bank owns 24%, and the Egyptian Mineral Resources Company owns 7%.

Egypt is intensifying its efforts to increase investments in the mining sector, particularly gold, aiming to attract $1 billion in annual investments by 2030.

Egypt's gold production is estimated at approximately 15.8 tons annually, most of which comes from the Sukari mine in the Eastern Desert, in addition to the Hamesh and Iqat mines.