Egypt unveils major new gold deposit

Egyptian Prime Minister Mostafa Madbouly has announced the start of development of a large gold deposit. This was reported by Sada El-Balad, a partner of the TV BRICS.

According to Madbouly, the Sukari mine remains one of the largest in the world. Its reserves will last for about the next ten years. The total gold production over the next eight years will exceed the total production over the past decade.

The discovery and development of this new deposit are set to galvanise both foreign and domestic investment in Egypt’s mining industry. The government has incorporated mining expansion into a comprehensive strategy designed to fully leverage the nation’s mineral wealth.

Highlighting the state’s commitment, Madbouly emphasised that authorities are cultivating a favourable investment environment by revising legislation and upgrading essential infrastructure. He predicted that gold production will soon emerge as a cornerstone of Egypt’s economy.

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