Sisi urges formulating strategic vision to develop mining sector in Egypt: Presidency

CAIRO – 12 July 2020: Egypt’s President Abdel Fattah El Sisi urged the government to work on formulating a comprehensive strategic vision on developing the mining sector in the country, as he met with Prime Minister Mustafa Madbouli on Saturday, Egyptian Presidential Spokesman Bassam Radi said.

During the meeting, which was attended by Minister of Petroleum and Mineral Resources Tarek El Molla, Sisi highlighted the importance of this vision, within the framework of backing the state’s comprehensive developmental plan, in helping the exploration of mineral resources nationwide and the enhancement of the mining sector's contribution to the Gross National Product.

The meeting also discussed the efforts and plans of the Petroleum Ministry in developing various sectors, including petrochemicals and gas production and distribution.

Late in June, Egypt discovered new goldmine in the Eastern Desert, with reserves estimated at more than one million ounces of gold, according to Molla.

Molla clarified in a statement that the new discovery is located in the concession area of "Shalatin" Company for Mineral Resources.

The Egyptian General Mineral Resources Authority, the National Service Projects Authority, the National Investment Bank and the Egyptian Mineral Resources Company contribute to Shalatin.

"The extraction rate is 95 percent, which is one of the highest rates, and with total investments over the next ten years, more than $1 billion,” he noted.

The statement said that a new company will be formed between "Shalatin" and the Mineral Resources Authority to start operations in the disclosure area, to become the third company in Egypt working in extracting gold and accompanying minerals, in addition to Sukari Company for gold mines and Hamsh Egypt for gold mines.