Egypt is set to start experimental exploration and production of gold in the area of Iqat in the Eastern Desert. Minister of Petroleum and Mineral Resources Tarek El-Molla revealed the plans and said global fuel price hikes have encouraged international companies to conduct exploration to make new discoveries.
The minister during talks with Australian Ambassador in Cairo Glenn Miles discussed the current oil and gas exploration in the Red Sea region, where Australian Petroleum Company BHP contributes to the concession areas of Chevron and Shell in the Red Sea. BHP is the first Australian company working in the field of oil and gas in Egypt.
Mining in Egypt
The two sides discussed the current status of petroleum and gas markets in the shadow of ongoing challenges and the need for natural gas as a transitional fuel. They also discussed energy transition efforts and Egypt’s preparations to host the upcoming international climate change summit, in addition to mining activities in Egypt and Australia and efforts exerted to develop mineral resources in Egypt. At the end of the meeting, Miles invited El-Molla and Egyptian companies to take part in the international conference for mining and resources in Melbourne, Australia, on 17-19 October.
Mining in Egypt has had a long history that dates back to predynastic times. Active mining began in Egypt around 3000 BCE. Egypt has substantial mineral resources, including 48 million tons of tantalite (fourth largest in the world), 50 million tons of coal, and an estimated 6.7 million ounces of gold in the Eastern Desert.