Egypt To Mine Gold For Themselves Via IKAT Gold Mines27 Nov 2021 18:04
First general assembly meeting of IKAT gold mines
Minister of petroleum and mineral resources tarek al-mulla chaired the first general assembly meeting of IKAT gold mines company, which is responsible for the development of the commercial disclosure achieved by purely egyptian efforts.
Al-mulla announced the launch of an ambitious plan to start early production of gold commercial detection in the IKAT region of the eastern desert of egypt in the coming period 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.
The disclosure achieved in the region of IKAT is promising, and promises positive results that 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, and is the product of pure egyptian investment in gold exploration and exploitation through the egyptian company Shalateen, which is witnessing a successful partnership and fruitful cooperation between a number of sectors of the country, thus making it the third company in egypt to extract gold and minerals accompanying, al-sukkari gold mines company and hamsh misr gold mines company are currently working.
Al mulla added that the launch of the first meeting of the company is one of the fruits of the program of the ministry of petroleum and mineral resources to develop and modernize the mining sector to increase its contribution to the national product, and directed to take all necessary measures to establish facilities and infrastructure with high efficiency and to abide by all possible controls and requirements to achieve security and safety for operations, facilities and workers, under the clear vision to be the new company with its system and the results of its work and exploit the accumulated national expertise and commitment to the mineral wealth authority and partners and cooperation building with state entities and developing the community surrounding the concession area to establish a successful model in the field of mining.
During the meeting, dr. mohammed al-assar, president of IKAT, presented the procedures that have been carried out since the announcement of the disclosure and so far from continuous drilling work to increase reserves and establish facilities and infrastructure of extraction facilities, equipment and factory and pave the necessary methods for production, pointing out that the adoption of the company's work system and its launch will give a strong boost to the new company in the way of achieving its objectives.
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My Thoughts:
While having a State run company is nothing new for Egypt - it will be interesting to see how aggressively they pursue other areas to explore. Lots of questions come to mind like how competitive will they be at attracting/ret
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