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Hammash to produce up to 360 KG of gold in Egypt

Hammash For Gold Mines Company has announced plans to produce at least 360 kg of gold each year in Egypt. The company board made this announcement during the firm’s general assembly that was held to discuss the firm’s budget for the fiscal year 2022. The assembly was held in the presence of Khaled El-Sheshtawy, Chairman of the Mineral Resources Authority, and Eng. Hisham El-Hazeq, representative of Matz Holdings Ltd.

“Since, 2019 the firm has greatly developed in many sectors, such as the quality of production and performance administration as it hires specialized companies to perform technical reviews and benchmark tests of its services,” Alaa Khashb Deputy Minister of Oil said.

Contractual agreements

Khashb also contended that the corporation has spent millions to correct its course and assist repositioning in the mining market. On his part, Hazik revealed that several contractual agreements with international firms are already underway, noting those firms will carry out feasibility studies for Matz Holdings’s projects to get more gold reserves by 2023.

It’s worth mentioning that Hammash Misr, a joint venture between Hazik group and Cyprus-registered Matz Holdings Ltd, also has been seeking effective ways to modernize its public administration and adapt it to contemporary conditions.

Hammash Misr For Gold Mines (HMGM) is an Egyptian Joint Stock Company established, in the year 2002 at equal share of 50% of the Capital Stock, between “The Egyptian Geological survey And Mining Authority “and the American Company “Cresset International Ltd.” ; according to the concession Agreement – issued by the Egyptian Law no. (2) For the year 1999 – for Exploration and Exploitation of Gold and associated minerals in some localities in the Eastern desert of Egypt.

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