Shalateen to Bid for Gold Exploration in Eastern Desert

Shalateen Mining Resources Company intends to bid for gold and minerals exploration in the Eastern Desert of Egypt in the coming period, according to Al-Sharq Bloomberg.

Sources confirmed that the company has submitted the bid file to the Minister of Petroleum and Mineral Resources and the concerned authorities in order to decide on the dates and areas that will be offered to international investors.

They added that the bidding includes at least five promising areas for gold exploration within the company's scope in the Eastern Desert.

The areas include Hamata, parts of the Al-Alaqi area, the Umm Jarayat area, Fatiri, Jabal Iqat, Jabal al-Jarf, Jabal Masih, Jabal Elba, the Aswan region, Hanjila, Umm Aoud, Utoud, and al-Baramiyah.

The Egyptian General Authority for Mineral Resources owns 35% of the company, while the National Service Projects Organization of the Ministry of Defense holds 34%.

Meanwhile, the National Investment Bank acquires 24%, and the Egyptian Company for Wealth has 7%.

The government is intensifying its efforts to boost investments directed to the mining and gold sector, in particular, aiming to invest $1 billion in the sector by 2030.

Contributed by Omnia Ahmed