Egypt will establish city for gold industry

CAIRO – 16 January 2021: President Abdel Fattah El Sisi directed the government to establish an integrated city for gold industry in Egypt, said Spokesman for the Presidency Bassam Radi in a statement on Saturday.

 

Sisi’s directives came during a meeting with Prime Minister Mustafa Madbouli, Minister of Petroleum and Mineral Resources Tariq Al-Mulla, Minister of Supply and Internal Trade Ali Al-Moselhi, Presidential Advisor for Urban Planning Amir Syed Ahmed,  and Presidential Adviser for Financial Affairs Major General Mohamed Amin.

 

President Sisi asked for providing all financial resources to establish the city with the international and modern standards and technologies to reflect Egypt's ancient civilizational history, Radi said.

 

The President also asked the government to consider the best logistical aspects in terms of choosing the location of the city for easy access to receive visitors, Radi continued.

 

The meeting also tackled the current adopted ways to develop the bakery system anationwide, the presidential spokesperson said.

 

Ranked 6th among Arab peers in gold holdings with 77.4 tonnes, Egypt is a land rich in gold as it is situated on the Arabian-Nubian Shield; and rich gold deposits are found throughout the region.

 

At present, gold production is concentrated in three sites across Egypt’s Eastern Desert: Sukari Mountain, Hamash and Wadi al-Alaqi, while the Egyptian Mineral Resources Authority (EMRA) says the precious metal is present in 120 ancient sites, from old mines to other areas all in the Eastern Desert. Nevertheless, Egypt has few gold mining activities, with only one gold producing mine currently under operation: the Centamin- owned Sukari mine.

 

Additional reporting by Nourhan Magdi