Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



7 billion ounces of gold in 125 concessions need to be controlled
4 companies suspended their work in Egypt till amending gold exploring terms
Published in Daily News Egypt on 22 - 02 - 2019

According some official reports Egypt has a reserves of about 7 billion ounces of gold hidden in various concessions in the eastern desert. These significant amount of gold ore are not exploited and actually are looted by unofficial groups called "Al Dahaba" who searching and getting this precious ore illegally and away from any censorship of the state.
In Egypt, till 2017, there has not any system to control and keep our significant reserves of gold ore, even though the ministry of petroleum and mineral resources had amended the terms of exploring the gold ore to keep it.
So, Seeking to deal with gold mining as a vital economic sector and an important industry the ministry of petroleum and mineral resources had announced in January 2017 the conducting of the first gold mining tender no.1 for 2017 to explore and extract gold ore in five concessions located in the eastern desert after amending the terms of exploration in a frame of a new mineral wealth law.
Actually the old terms that organized the gold ore exploration founded on profit sharing rule which means that the state gets share of profits that made by the investor, without getting shares of the extracted gold and this is the terms that Al Sukari gold mine is objected till now. In addition the old terms had not helped the state to be a present partner in this industry.
Yet, based on the new terms four companies had won this tender including Ghassan Spain, Vertas, Resolute, and Gas Al Sharq companies to explore gold ore in five concessions in the eastern desert.
However, the gold ore reserves still in danger, experiencing random mining daily and to be stolen. As these companies have not received their concessions yet though about two years had elapsed since the announcement of the tender's results without any explanations clarified by the ministry of petroleum and mineral resources.
Daily news Egypt tried to contact with these companies, searching for reasons behind the delay of handing them over their concession, but, unfortunately, we found that all these companies have suspended their work in Egypt till the government states its position for this tender and announces the real reasons about the current situation.
But, till the government announce that, the on ground situation assures that our gold reserves still in danger, and Egypt has not had a real gold mining industry till now, or considerable investments in gold mining industry especially it has about 125 gold ore concession all over the country and yet, it has one and only productive gold mine "Al Sukari" gold mine. It is an exception.


Clic here to read the story from its source.