{"id":572613,"date":"2020-07-01T04:56:09","date_gmt":"2020-07-01T04:56:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/egypt-discovers-gold-deposit-in-the-eastern-desert\/"},"modified":"2020-07-01T04:56:09","modified_gmt":"2020-07-01T04:56:09","slug":"egypt-discovers-gold-deposit-in-the-eastern-desert","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/egypt-discovers-gold-deposit-in-the-eastern-desert\/","title":{"rendered":"Egypt discovers gold deposit in the Eastern Desert"},"content":{"rendered":"

A gold deposit estimated to hold over 1 mn ounces was discovered in the Eastern <\/strong>Desert\u2019s Iqat region<\/strong>, the Oil Ministry said in a statement<\/a>. The deposit, which also contains other minerals, is located in state-owned Shalateen Mining Company\u2019s concession area. The area could see investments of more than USD 1 bn over the next 10 years to develop the deposit.<\/p>\n

Shalateen will set up a JV with the Egyptian Mineral Resources Authority to mine the area<\/strong>, the statement notes. This will make the JV the third gold mine operator in Egypt alongside the government\u2019s partnership with Centamin to operate the Sukkari gold mine and the Hamash Company, a JV between the state and Cyprus\u2019 Matz Holding. Reuters also noted the find<\/a>.<\/p>\n

This comes amid an ongoing international exploration tender:<\/strong> EMRA kicked off the country\u2019s first international bid round for gold and mineral exploration in March and will accept bids until 15 September<\/a> for a 56k sqkm exploration area in the Eastern Desert, close to where the discovery announced yesterday was made.<\/p>\n

The bid round is the first time the industry tests the <\/strong>investor-friendly amendments to the Mineral Resources Act<\/a><\/strong> which scrapped production sharing agreements in favor of a more attractive tax, rent, and royalty model.<\/p>\n","protected":false},"excerpt":{"rendered":"

A gold deposit estimated to hold over 1 mn ounces was discovered in the Eastern Desert\u2019s Iqat region, the Oil Ministry said in a statement. The deposit, which also contains other minerals, is located in state-owned Shalateen Mining Company\u2019s concession area. The area could see investments of more than USD 1 bn over the next […]<\/p>\n","protected":false},"author":1,"featured_media":572614,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,180,373,371,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-legislation","tag-mining","tag-oil-ministry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"dde91262-9965-49fc-933e-b4a42a5ebf3c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/3.jpg","photo_position":"above","related_issue":[572608],"teaser":"","voice_url":""},"yoast_head":"\nEgypt discovers gold deposit in the Eastern Desert - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/egypt-discovers-gold-deposit-in-the-eastern-desert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt discovers gold deposit in the Eastern Desert\" \/>\n<meta property=\"og:description\" content=\"A gold deposit estimated to hold over 1 mn ounces was discovered in the Eastern Desert\u2019s Iqat region, the Oil Ministry said in a statement. 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The deposit is estimated to hold around 1.3 mn ounces of gold, and USD 300 mn has so far been\u2026","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/117.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555800,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/state-plans-to-start-commercial-operations-at-1-mn-oz-gold-concession-in-eastern-desert\/","url_meta":{"origin":572613,"position":1},"title":"State plans to start commercial operations at 1-mn oz gold concession in Eastern Desert","author":"enterpriseam admin","date":"28 November 2021","format":false,"excerpt":"The Oil Ministry plans in the coming months to start commercial gold exploration at the Iqat area in the Eastern Desert, which is thought to house more than 1 mn ounces of gold, the ministry announced yesterday. More than USD 1 bn could be invested over the next 10 years\u2026","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547099,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/","url_meta":{"origin":572613,"position":2},"title":"Shalateen Mining to launch international gold tender for at least five Eastern Desert concessions","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"Shalateen\u2019s gold areas up for grabs: State-owned Shalateen Mining Company plans to launch an international gold and minerals exploration auction for at least five areas in the Eastern Desert in the coming weeks, Bloomberg Asharq reported Monday, citing sources it says are in the know. The company has already sent\u2026","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574875,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/a-blockbuster-gold-discovery-may-have-killed-sawiris-chances-of-nabbing-shalateen-mining\/","url_meta":{"origin":572613,"position":3},"title":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of nabbing Shalateen Mining","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of acquiring Shalateen Mining: Naguib Sawiris\u2019 interest in a majority stake in state-owned Shalateen Mining have reportedly hit a roadblock after the company made a blockbuster gold discovery in the Eastern Desert. Oil Ministry sources told Cairo24 that some of Shalateen\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569412,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/sawiris-eyes-51-stake-in-state-owned-shalateen-mining-company\/","url_meta":{"origin":572613,"position":4},"title":"Sawiris eyes 51% stake in state-owned Shalateen mining company","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"M&A WATCH- Sawiris eyes majority stake in state-owned Shalateen: Naguib Sawiris is in talks with the government to buy a 51% stake in state-owned Shalateen Mining, Reuters reports. No further details were provided, including the timeline of the negotiations and the expected value of the transaction. 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