Egypt could have billions of pounds worth of gold sitting under its Sinai Peninsula, according to an article today in U.K. publication The Independent. The fall of former Egyptian President Hosni Mubarak “could trigger an Egyptian gold boom” if the government delves into “precious reserves” in the Sinai, which have remained untapped for decades, according to the article, titled, “Sinai gold that could bring Egypt billions.” The article says Egyptian mining chiefs are planning to invite investors to explore for gold in the Sinai. It quotes Hassan Bakheit, he head of geological surveys in the Egyptian Mineral Resources Authority, as saying the government hopes to start receiving bids next year. "We're trying to develop the Sinai desert," he said. "I think in the future there will be more explorations. I hope that if the revolution goes the right way and is not stopped by any further problems, Egypt will become known as a big gold producer in the region." The article says there are an estimated 6.7 million ounces of gold lying under more than 100 possible mining sites across Egypt, adding that “analysts say the potential value of Egypt's untapped reserves runs into billions of pounds – a literal gold mine in a nation which could sorely use the receipts of its own mineral wealth.” The article adds that there are six companies exploring for gold along the Red Sea coast, but that none of them have started producing commercially.
