The executive director of Ekat Gold Mines, Mohamed El-Assar, announced that the company's gold mine in Egypt's Eastern Desert has reevaluated its deposits to 2.25 million ounces, nearly double the initial estimates when the mine was discovered in 2020. The mine, located near the city of Shalateen in the Red Sea governorate, currently produces around 8,000 ounces of gold per year, all of which is exported.
Ekat Gold Mines plans to construct a new plant with an annual production capacity of 120,000 to 150,000 ounces by the end of 2028. The project is expected to require an investment of $300-320 million, with $50 million already invested in the mine since 2018. The company's deputy general manager and board member, Tamer Fahmy, stated that technical studies are underway to facilitate the construction process.
The Egypt Mining Forum, held in the New Capital, provided a platform for Ekat Gold Mines to share its updated estimates and plans. The forum aims to promote investment in Egypt's mining sector, with the government keen to support the industry's growth. President Abdel Fattah el-Sisi has emphasized the importance of ensuring the success of mining investments in Egypt.
The Egyptian government is actively working to attract more investment in the mining sector. The Mineral Resources and Mining Industries Authority plans to offer 27 exploration areas for gold and other minerals by the end of 2026, including areas in Ras Ghareb, Safaga, El Qousseir, Shalateen, Marsa Alam, and the Arabian-Nubian Shield.
The mining sector is seen as a key driver of economic growth in Egypt. The government is working to create an enabling environment for investors, with a focus on streamlining regulations and providing support for companies operating in the sector. Ekat Gold Mines' plans for expansion are seen as a positive development for the industry.
AngloGold Ashanti, a major player in the global mining industry, has also announced plans to invest $400 million in its Sukari gold mine in Egypt in 2026. The company's Egypt director met with President el-Sisi to discuss the investment and the importance of expanding mining partnerships in Egypt.
The Egyptian government is committed to supporting the growth of the mining sector, with a focus on attracting foreign investment. The sector is expected to play a significant role in driving economic growth and development in the country. Key initiatives, such as the Egypt Mining Forum, aim to promote investment and collaboration in the industry.
Key points
- Ekat Gold Mines has reevaluated its gold deposits to 2.25 million ounces, nearly double the initial estimates.
- The company plans to invest $300-320 million in a new plant with an annual production capacity of 120,000 to 150,000 ounces by the end of 2028.
- The Egyptian government is actively working to attract more investment in the mining sector, with a focus on streamlining regulations and providing support for companies operating in the sector.
