gold
The Egyptian Armed Forces released Sunday a statement highlighting the smuggling attempts thwarted by Border Guards on all strategic fronts.
The minister emphasized Egypt’s goal to transform its mining sector, noting its current contribution of approximately 1 percent to the national GDP
The plant aims to process gold from the company’s recently discovered commercial deposits at the Hamama and West Rodruin sites.
As of August 2024, the total net assets of gold investment funds have significantly increased compared to July, marking a positive trend for funds AZ-Gold, Evolve Gold, and Dahab fund, according to a report presented by Mohamed Farid Saleh, Chairman of FRA
The report highlights that the first Egyptian gold investment fund, known as the AZ-Gold fund and managed by Azimut Egypt Fund and Portfolio Management Company, was launched in May 2023.
Demand for jewelry and bullion in Egypt experienced a significant decline of 17 percent during the first quarter of 2024, falling to 13.2 tons from the 15.8 tons recorded in Q1 2023
This announcement came after the government's decision in May 2023 to exempt customs taxes and other fees on imports of gold in semi-finished forms, specifically those intended for monetary circulation, jewelry, and precious metal components.
Highlighting the exceptional quality and esteemed reputation of Egyptian gold artifacts, Naylor stressed on increasing collaborative efforts aimed at bolstering the Egyptian market and exchanging expertise to enhance its standing
Egypt is actively seeking to boost investments in its mining sector, with a specific focus on gold. The country aims to invest one billion dollars in the mining sector by 2030.
The project will utilize one of the working models in the company's AS350 aircraft fleet, employing "HELICOPTER-BORNE MAGNETICS (STINGER) and RADIOMETRIC" technology.
The company announced that it will deliver a ton of gold with a purity of 99.9 percent by the end of this year
This came in line with Cabinet decisions, which exempted travelers from paying customs duties and other associated charges, excluding the value-added tax (VAT). The cabinet gave its approval in May to a proposal that introduced an exemption for individuals who bring gold into the country
The price of gold increased by almost 13.1 percent during 2023 and recorded its highest historical level last December 3 for $2,146.79 for an ounce, according to American Bullion
Egyptian businessman, Naguib Sawiris announced, through a tweet on X, that the initial drilling aims to cover 10,000 meters within two months, with the potential for expansion based on anticipated results.
Al Moselhi revealed that the government is actively working towards positioning Egypt as a prominent exporter of gold to Gulf countries, Italy, and Africa.
Lotus Gold Corporation won two rounds of a gold exploration tender conducted by EMRA in 2020 and 2021 for exploration concessions
The United Arab Emirates (UAE) ranked first as the largest importer of gold, precious stones and jewelry from Egypt with imports worth $534M
The auction is within the government’s overall goal to diversify the ways gold is available to the public, Farag explained
Egypt’s current gold production is placed at around 15.8 tons annually
The company's gold production from Sukari Gold Mine during the first half of 2023 reached 220.6 thousand ounces, compared to 203.9 thousand ounces during the same period of 2022.
