Egypt begins trial operation of ‘Iqat’ gold mine

The government of Egypt has announced the commencement of trial commercial production of the “Iqat” gold mine.

Minister of Petroleum and Mineral Resources, Tarek El Molla made the announcement and said the Iqat site is the culmination of an ambitious plan drawn up to begin production early, given the site’s advantages. It is estimated to have reserves of about 1.2 million ounces of gold, with an extraction rate of 95%, making it one of the highest extraction rates.

‘Iqat’ gold mine

“ The site a pure Egyptian investment in the field of gold exploration and exploitation through the Shalateen Mineral Resource Company, representing successful partnerships and fruitful cooperation with the Egyptian private sector. Iqat gold mines company was established between Shalateen Mineral Resource Company, the Mineral Resources Authority, and the Wealth and Resources Mining Company are in charge of work in the exploration area,” said Tarek El Molla.

El Molla added that the operation of the site is carried out by a group of Egyptian youth with skills and experience, following a system that includes some specialized international experts with them. He also pointed out that Iqat has become the third largest site in Egypt for gold and associated minerals extraction.

This is one among many steps achieved in the mining file. It is also one of the fruits of the Ministry of Petroleum and Mineral Resources’ strategy to develop and modernize the promising mining sector to increase its contribution to GDP. This project and other similar mining projects also help with developing the communities where they are located. Amending the mining law and its executive regulations was the starting point. Then the financial and licensing systems were developed with the same target in mind.