Egypt discovered a new gold mine worth 1 billion USD

Egypt discovered a new gold mine in the eastern desert, valued at more than $ 1 billion.

According to Xinhua, Egypt's Ministry of Petroleum and Mineral Resources said on June 30 that it had discovered a gold mine in the eastern desert region with enormous value.

"The gold mine reserves are estimated at over one million ounces of gold (about US $ 1.7 billion) and it will be used to attract more than US $ 1 billion worth of investment over the next 10 years," the ministry said. in a statement.

The new gold mine is located in the mining area of ​​Shalateen Minerals Company. This finding is part of a program implemented from 2018-2021 to develop and modernize the mineral industry, increasing the contribution to Egypt's national budget.

The statement also added that the mineral sector is expected to reach USD 375 million in the next two years and is expected to increase direct investment in the gold sector to USD 1 billion by 2030.

Egypt is ranked 6th among the Arab countries with the largest gold reserves in the world, with 77.4 tons. Most of it is located in the southern mining region of the country. In addition, Egypt's gold production is concentrated in three locations on the eastern desert.

World gold price on June 30 traded around 1,771 USD / ounce.