Dr. Naji Faraj, Advisor to the Minister of Supply for Gold Industry Affairs, confirmed that it is expected to produce approximately 200 kilos of gold per month from the Iqat mine in the Eastern Desert, indicating that the actual operation of the mine will be from next week after the production of the first gold ingot from the mine, which was discovered. During the month of June 2022.
Nagy Faraj added, in statements to “The Seventh Day”, that despite the presence of many gold mines, gold is produced from a small number, and that the Iqat mine in the eastern desert is expected to contribute to increasing gold production rates and raising the strategic reserves, and the Iqat mine has a reserve of approximately of 1.1 million ounces of gold.
Nagy Farag had confirmed that gold exploration is a good tool for the state. It is a national duty, pointing out that there are other places full of yellow metal. It is the approved currency around the world, pointing out that the rise in strategic reserves of gold gives strength to the Egyptian pound and that gold extraction operations must be carried out by Egyptian hands, stressing that gold ore is present and available in several Egyptian regions; And in partnership with the national companies in extraction; This will have a good impact on the mining sector in Egypt, saying: “Extracting gold from the Sukari mine contributes to raising the strategic reserves of gold to 300 tons, which contributes to raising the value of the local currency.”
Nagy Faraj indicated that Egyptian companies are supposed to be brought in to extract gold from the Golden Triangle, southwest of Safaga. which is located on an area of 250 square kilometers; rather than leaving these areas for random exploration.
Today, Monday, gold prices are witnessing a decline of about 20 pounds in evening trading, bringing gold to near its lowest level in more than a month, and a gram of 21 carat gold, which is the best-selling in Egypt today, fell to 1720 pounds per gram.