$7.5 billion.. Gold revenue from the “Sukari” mine

Sukari mine production reached 5.2 million ounces of gold, with revenues of $7.5 billion.

Production of the “Sukari” mine

Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, said that the production of the “Sukari” mine, since the start of work until now, has reached 5.2 million ounces, with estimated revenues of about $7.5 billion.

 Mining investment

He pointing out that the start of commercial production of gold from the “Iqat” site in southern Egypt has many important indicators that mining investment in Egypt is on the right path towards maximizing the returns of our mineral wealth for the benefit of the Egyptian economy.

Egyptian market

During the inspection tour of the “Sukari” mine in the eastern desert, El-Molla explained that there is a growth in research and exploration activities in Egypt's mining areas, in light of the entry of international mining companies into the Egyptian market through the offered bids.

Activity benefits

  He added that this activity benefits Egyptians with various experiences and technologies, and opens the door to achieving economic discoveries and better exploitation of mineral resources.

Job opportunities

The minister added that the growth of research and exploration activities provides job opportunities in light of the activity’s need for intensive assistance and employment services. The subsurface mine is from 3 to 9 years, by adding about half a million ounces to its reserves.

Modern technologies

Al-Mulla added that one of the most important additions made to the mine was the implementation of geophysical exploration using modern technologies for the first time in Egypt.

This discovery is in cooperation with the Air Petroleum Services Company, and with the support of the Ministry of Petroleum and Mineral Resources.

  The offer also included that it is intended to produce between 450 and 480 thousand ounces during the current year 2023.

Gold Mountain

“Iqat” is a gold mountain located in the eastern desert, and this mountain has a new gold mine, after the "Sukari" mine, and is a new addition to the national income.

The mine has a reserve of 1,000,000 ounces, to be added to the reserves in the Central Bank.

There are 100 areas in Egypt where gold discoveries are being made, and there are mountains of gold.

Earlier, Engineer Tarek El-Molla, Minister of Petroleum, announced the start of experiments to operate commercial production of gold from the Iqat site in southern Egypt.

  This comes as a result of the ambitious plan that was drawn up to start production early in light of what distinguishes the site, whose reserves are estimated at about 1.2 million ounces of gold, and the extraction rate is 95% and is considered one of the highest extraction rates.