{"id":611768,"date":"2023-12-12T00:00:00","date_gmt":"2023-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/aton-resources-to-start-producing-gold-in-egypt-in-2025-plus-fx-crunch-hits-ezz-steel\/"},"modified":"2023-12-12T00:00:00","modified_gmt":"2023-12-12T00:00:00","slug":"aton-resources-to-start-producing-gold-in-egypt-in-2025-plus-fx-crunch-hits-ezz-steel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/aton-resources-to-start-producing-gold-in-egypt-in-2025-plus-fx-crunch-hits-ezz-steel\/","title":{"rendered":"Aton Resources to start producing gold in Egypt in 2025. PLUS: FX crunch hits Ezz Steel"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>STRIKING GOLD- <\/strong>Canadian gold miner <a target=\"_blank\" href=\"https:\/\/atonresources.com\/\" style=\"\" rel=\"noopener\">Aton Resources<\/a> plans to start extracting gold from its Abu Marawat concession in the Eastern Desert by 2025, according to <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdh9bxmj\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The Egypt-focused firm will reportedly secure a production license this month. <\/p>\n<ul>\n<li><strong>16<\/strong><strong> years:<\/strong> The company was awarded the concession back in 2007 and began exploration operations in 2009, according to <a target=\"_blank\" href=\"https:\/\/atonresources.com\/egypt\/\" style=\"\" rel=\"noopener\">its website<\/a>.<\/li>\n<li><strong>EGP 1 bn:<\/strong> The amount of money Aton has invested in the Hamama area of the concession since 2010.<\/li>\n<li><strong>300k-400k ounces:<\/strong> The estimated reserves of recoverable gold in the area.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FX CRUNCH HITS EZZ- <\/strong>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\u2019s latest <a target=\"_blank\" href=\"https:\/\/www.londonstockexchange.com\/news-article\/AEZD\/3rd-quarter-results\/16247308\" style=\"\" rel=\"noopener\">earnings release<\/a>. 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. <\/p>\n<ul>\n<li><strong>Remember:<\/strong> The EGP has lost almost half of its value against the USD since March 2022.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BRAZIL x SCZONE-<\/strong>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. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/m9chn5\" style=\"\" rel=\"noopener\">SCZone statement<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIEMENS x ITIDA- <\/strong>Siemens Digital Industries will support R&D and provide training in <a target=\"_blank\" href=\"https:\/\/www.plm.automation.siemens.com\/global\/en\/our-story\/glossary\/electronic-design-automation-eda\/95805\" style=\"\" rel=\"noopener\">ele<\/a><a target=\"_blank\" href=\"https:\/\/www.plm.automation.siemens.com\/global\/en\/our-story\/glossary\/electronic-design-automation-eda\/95805\" style=\"\" rel=\"noopener\">ctronic desig<\/a><a target=\"_blank\" href=\"https:\/\/www.plm.automation.siemens.com\/global\/en\/our-story\/glossary\/electronic-design-automation-eda\/95805\" style=\"\" rel=\"noopener\">n automation<\/a> in Egypt. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3dr4rc35\" style=\"\" rel=\"noopener\">Cabinet statement<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>VOLUNTARY CARBON MARKET-<\/strong> The Madbouly government is working with the World Bank on regulations that could bring to life a market for carbon certificates. (<a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/12\/11\/1744546\" style=\"\" rel=\"noopener\">Al Borsa<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aton has struck gold in its Marawat concession in the Eastern Desert, where it has been prospecting since 2010<\/p>\n","protected":false},"author":1,"featured_media":611769,"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":[7209],"tags":[111,3626,1800,104,7372,72,589,2234,7093,7196,373,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-aton-resources","tag-brazil","tag-economy","tag-egypt-brazil-relations","tag-enterpriseam","tag-ezz-steel","tag-foreign-exchange","tag-gold","tag-industry","tag-mining","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"5f33dc20-4e98-4a48-a5d0-fcad4573967e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/780.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aton Resources to start producing gold in Egypt in 2025. PLUS: FX crunch hits Ezz Steel","related_issue":[611749],"teaser":"Aton has struck gold in its Marawat concession in the Eastern Desert, where it has been prospecting since 2010","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.120e13f6-c7d2-45c9-813a-bec62b41b0c4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aton Resources to start producing gold in Egypt in 2025. 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Preliminary sampling has returned positive results after the company identified \u201cancient mining settlements\u201d at both prospects.\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591836,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/18\/aton-secures-cad-300k-bridge-loan-for-work-in-egypts-abu-marawat-concession\/","url_meta":{"origin":611768,"position":1},"title":"Aton secures CAD 300k bridge loan for work in Egypt\u2019s Abu Marawat concession","author":"enterpriseam admin","date":"18 December 2019","format":false,"excerpt":"Canadian mining firm Aton Resources has lined up a CAD 300k bridge loan from Ou Moonrider to finance its work in the Abu Marawat concession in Egypt, according to an emailed statement (pdf). The loan carries a 10% annual interest rate. Aton had said in June it discovered two new\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":571091,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/29\/egypt-awards-aton-three-year-extension-to-explore-abu-marawat-gold-concession\/","url_meta":{"origin":611768,"position":2},"title":"Egypt awards Aton three-year extension to explore Abu Marawat gold concession","author":"enterpriseam admin","date":"29 April 2020","format":false,"excerpt":"The Egyptian Mineral Resources Authority (EMRA) and Oil Ministry have agreed to grant Aton a three-year extension for its exploration of the Abu Marawat gold concession, the company said in a statement (pdf). The extension will give Aton enough breathing room to \u201cmigrate\u201d to the new system that will be\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":574272,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/","url_meta":{"origin":611768,"position":3},"title":"Aton Resources to execute reverse stock split to finance Abu Marawat expansion","author":"enterpriseam admin","date":"3 September 2020","format":false,"excerpt":"Egypt-focused Aton Resources will execute a reverse stock split sometime in mid-September to finance exploration at its Abu Marawat concession, as well as for \u201cgeneral corporate purposes, the Toronto-listed company said in a statement. The gold miner plans to issue up to USD 5 mn in a private placement of\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628699,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/10\/aton-resources-sandstorm-sign-usd-2-1-mn-financing-package-to-fund-egypt-operations\/","url_meta":{"origin":611768,"position":4},"title":"Aton Resources, Sandstorm sign USD 2.1 mn financing package to fund Egypt operations","author":"enterpriseam admin","date":"10 May 2018","format":false,"excerpt":"Gold miners Aton Resources and Sandstorm Gold Ltd. have signed a USD 2.1 mn financing packaged to fund more exploration and development work at Aton\u2019s Abu Marawat concession in Egypt, according to Junior Mining Network. The proceeds of the private placement will help \u201cadvance and unlock the value of the\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648522,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/05\/aton-resources-provides-exploration-update-for-abu-marawat-concession\/","url_meta":{"origin":611768,"position":5},"title":"Aton Resources provides exploration update for Abu Marawat concession","author":"enterpriseam admin","date":"5 April 2017","format":false,"excerpt":"Gold miner Aton Resources says it has completed 12 holes of the originally planned 14 hole, 2,300 meter diamond drill program at Hamama West at the Abu Marawat concession. \u201cWe believe there is tremendous potential to grow resources at Hamama West and most of the drill holes in this program\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=611768"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611768\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611769"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611768"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611768"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}