STRIKING GOLD- Canadian gold miner Aton Resources plans to start extracting gold from its Abu Marawat concession in the Eastern Desert by 2025, according to Asharq Business. The Egypt-focused firm will reportedly secure a production license this month.

  • 16 years: The company was awarded the concession back in 2007 and began exploration operations in 2009, according to its website.
  • EGP 1 bn: The amount of money Aton has invested in the Hamama area of the concession since 2010.
  • 300k-400k ounces: The estimated reserves of recoverable gold in the area.

FX CRUNCH HITS EZZ- Ezz Steel entered the red in during the first nine months of 2023 after the slide in the EGP left it with bns of EGP in foreign-exchange losses, according to the firm’s latest earnings release. The steel giant reported a EGP 1.9 bn net loss despite a 70% growth in sales after being hit with an FX loss of almost EGP 24 bn. Ezz turned a EGP 5.7 bn profit in 9M 2022, when it reported just EGP 1.4 bn in FX losses.

  • Remember: The EGP has lost almost half of its value against the USD since March 2022.

BRAZIL x SCZONE-Brazil is showing interest in investing in logistics and green energy projects in the Suez Canal Economic Zone. Brazil has stepped up its interest in the region in recent months, exporting more beef and chicken to Egypt and eyeing energy, meatpacking, and aerospace investments in Saudi Arabia after a visit there by its president. (SCZone statement)

SIEMENS x ITIDA- Siemens Digital Industries will support R&D and provide training in electronic design automation in Egypt. (Cabinet statement)

VOLUNTARY CARBON MARKET- The Madbouly government is working with the World Bank on regulations that could bring to life a market for carbon certificates. (Al Borsa)

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