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Egypt Announces *Strategic Gold Extraction Project in Aswan with an Investment of 350 Million EGP
May 26, 2024
In a move that reflects the Egyptian government’s commitment to accelerating industrial development and *enhancing integration among companies in key economic sectors, Shalateen Mineral Wealth Company, under the leadership of geologist Sherif El-Shahawi, has signed a contract with Gas Egypt, headed by engineer Wael Goweid, to establish a major industrial complex for gold extraction tailored for artisanal mining in the Dahmit area of Aswan Governorate
The event was attended by Dr. Abdul Majid Mohammed, Vice President of Shalateen Company, alongside several senior leaders of Gas Egypt, clearly indicating the importance the state places on this project
The contract, valued at over 100 million EGP, represents one of the strategic steps to develop the industry and mineral wealth in Egypt, as the new complex is among the ambitious projects the government seeks to achieve within its comprehensive sustainable development plan
This partnership reaffirms the state’s approach to encouraging cooperation between various public and private companies to achieve economic and social development goals, highlighting efforts to achieve industrial integration and stimulate investment in less developed areas, thereby ensuring a fair distribution of resources and opportunities across the republic
https://elbarima.com/egypt-announces-strategic-gold-extraction-project-in-aswan-with-an-investment-of-350-million-egp/
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my thoughts :
Carefully note the Egyptian govt's choice of words in this public announcement:
"enhancing integration among companies in key economic sectors"
&
"strategic gold extraction project"
integration & strategic = national goals = control the domestic gold supply
this has been the motive behind a) running up the past due tab between Centamin & the CBE
b) demanding $100 million from Centamin in lost govt revenue thru ongoing audits
the writing is on the wall, sell
Thank you Cowichan, unfortunately there seems to be a general ignorance regarding this amongst shareholders for whatever reason!
Lol... Whatever Egypt 's intention they'd take at least 10 years to even start anything serious
Cowichan, Tibbs grateful if you can explain in a little more detail your recommendation to sell and ignorance amongst us shareholders because I understand the goals in the article is to bring some control and structure to the artisanal mining sector in Dahmit. I believe we are effectively talking a total project value of $7.5 million inclusive of infrastructure which will provide some worthwhile but relatively small production aids for the artisanal miners.
I am not clear of the writing on the wall.
Dasut try not to rise to it. Cowichan was busy telling us Cey SP was going to tank into oblivion at 90p and he has an agenda. It is really not worth engaging. Your input on the other hand as someone who has actually worked in the industry is much valued on here.
Cowichan, can you please elaborate for us simple folk and provide some proof rather than your opinion. Are you suggesting that CEY is to be nationalised by the Egyptian Govt as probably copying what the UK Govt has done to UK Oil and Gas cos ?
3bear I am not necessarily rising to Cowichan and Tibbs but the words sell and ignorance are somewhat important and if there is something that we are ignorant about then there has to be an explanation. I just don't understand the relationship to providing some structure and hopefully some controls to artisanal mining issues in Dahmit, will create an impact on Sukari that brings about a recommendation to sell our investments.
The scale of exploitation of people and the appalling pollution caused by artisanal mining all over the world is unacceptable and in need of proper controls and regulation, doing so would bring huge benefits to the workers involved and the surrounding environment!
I don't see regulating artisanal mining as a threat to properly regulated mining perorations such as Sukari, quite the contrary !
https://www.hrw.org/video-photos/video/2011/12/09/child-labor-and-mercury-use-artisanal-gold-mining
Tibbs so you are thanking Cowichan for enlightening us to the artisanal miners for which we are ignorant not the writing on the wall and sell statement?
The biggest problem here is the local villagers know nothing better and it has been a way of life for many years. I have seen this first hand when stopping to look at an area that is to be developed by a mining company. A child accepting water from us and then offering me a small amount of gold as payment. No I didn't accept it! Yes I felt humbled and helpless BUT several months later the villages were rioting because they thought they would lose their jobs with the development of a modern mine.
Obviously villagers were paid for the land and the disruption, however they were right about losing their way of life because the mine has now closed and jobs are scarce and there is no longer gold to be mined. Many of the younger people have migrated to other mines but for how long and then what happens.
I have fallen into the trap myself thinking the rural community needs to help to improve their standard of life but it is always compared with what we think is right. Corruption isn't self taught it is imported because they didn't know corruption before outside involvement because they didn't have the need.
Yes we can try to help like in Sierra Leone when I heard the charities brought clothes to the markets to generate some impetus into the economy and nearly destroyed the tailoring, sewing local clothes making businesses.
Easy to sit outside and say improvements are necessary and I thoroughly agree but banning without offering alternatives doesn't work.
Developing countries will always struggle to bring about what we feel are necessary changes because of local influences and providing alternative methods of earning enough to feed themselves.
I met an old farmer and his wife from Dorset living in a village in Tanzania helping them to develop more efficient farming methods and experimenting with different seeds etc to overcome the soil conditions and pests. They explained importing and giving away food is short term thinking.
The World Bank Projects in Nigeria called operation feed the nation. This saw numerous large agricultural projects where we were directly involved through our contacts in educating local Nigerian institutions in ways of large agricultural projects. All great but the funding only covered the costs of importing equipment and so the projects only survived for as long as they kept the machines running. There are many cannibalised pieces of machinery dotted around the developing world because they lacked the funds to maintain the equipment.
Charities donating funds rather than mosquito nets or hand tools or education, the funds get spent elsewhere.
So I applaud the Egyptian Strategic Gold Extraction Project and sincerely hope it works.
Hi Dasut,
These locals in Egypt seemed well aware that they are being exploited !
I don't recall recommending a sell, hold, or buy come to that as I'm not qualified to do so !
I am not if favour of unregulated artisanal mining as this is exploitation of people and so damaging to the environment and although I agree that any changes need to be done in such a way that the locals if they cant be employed in the regulated mine are offered some alternative way of making a decent living, there are I am sure plenty of things that need doing .
I agree so many aid projects aren't thought through, that said when the local people are involved projects are generally far more successful!
https://www.bbc.co.uk/programmes/p04d42vf
https://www.ifaw.org/uk/programmes/community-engagement
https://www.ifaw.org/uk/journal/protecting-wildlife-helping-communities-climate-crisis
Tibbs you thanked Cowichan for his introduction of this Project so suggest you read his initial post in full and this will explain why I questioned your reference to our ignorance.
Hi DASUT, for me your comments and reasoning on Cowichan's post re the strategic gold extraction project were most welcome and well received.
I am also grateful to Cowichan for posting the original link and for bringing this topic to the attention of the CEY LSE diaspora.
On reading the post and the link I didn't draw the same conclusion he did and came to the conclusion by myself (reinforced by your helpful clarification, it was perhaps a positive move and step in the right direction for control of artisanal gold extraction which could have positive benefits for all involved.
I also see Cowichan's comments re the political one county risk a valid topic perhaps not the conclusion he came to but that for me is a great benefit of the CEY LSE chat room, the freedom of ,members to post, right or wrong, what they think, and for other members, as you did to rationally and knowledgeably comment / debate the topic.