Egypt Could Become Major Gold Producer In Next Decade

DOI 24 April 2008

RIA NOVOSTI (CAIRO)- Egypt could become a leading gold producer within the next decade following the discovery of large reserves in the country's Eastern Desert, the Le Progres Egyptian newspaper said Monday, April 21. Proven reserves at the Wadi Hudain deposit alone exceed 50 million ounces, worth around $50 billion. Amgad Ghoneim, a senior ministry official, said under a development program gold output should reach 30 metric tons annually in the next ten years. "At the first stage in the initial two years we will produce three metric tons near Hemesh and seven metric tons near al-Sukari," Ghoneim said, adding that the amount would be increased to 18 metric tons in the future. Source: http://mnweekly.ru/world/20080424/55325518.html (Reliability: 5.5)

Comment: According to Ghoneim, Gold production will depend on the number of companies working in the country. Currently, two foreign companies (NFI) are active in the exploration of the gold, while nine other companies are active in the process (NFI).