Egypt to start early exploration of gold in the area of Iqat in the eastern desert

The disclosure, which is a result of Egyptian investment in gold exploration is seen as promising

  
An old abandoned mine is pictured in the eastern desert near the southern province of Luxor, Egypt May 20, 2016.

An old abandoned mine is pictured in the eastern desert near the southern province of Luxor, Egypt May 20, 2016.

REUTERS/Amr Abdallah Dalsh
CAIRO: Egypt announced the launch of an ambitious plan to start early exploration of gold in the area of Iqat in the eastern desert, Minister of Petroleum and Mineral Resources Tarek El-Molla revealed.

This comes in light of the high probability of the extraction rate of gold discovery, where the average concentration of gold is 1.5 grams per ton.

El-Molla chaired the first general assembly meeting of Ikat Gold Mines Company, and announced a plan to start exploration of gold in the area of Iqat in the Egyptian eastern desert in the coming period.

The disclosure, which is a result of Egyptian investment in gold exploration is seen as promising, and there is optimism that it will yield positive results.

It is hopeful these will increase Egypt's gold production, with a reserve estimated at a minimum of more than one million ounces of gold, and a total investment exceeding the billion dollar barrier.

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