Egyptian-Chinese Black Sands Company to invest USD 24 mn in first phase mineral extraction

The Egyptian-Chinese Black Sands Company is planning to invest USD 24 mn in the first phase of its mineral extraction project in Ghalyoun Lake, Deputy Chairman Ahmed Shaltout said, Al Ahram reports. The company, a JV between the Egyptian Black Sands Company and an unnamed Chinese investor, expects to extract 500k tonnes of minerals per annum for domestic use and exports.