Arab Finance: Shalateen Mineral Resource Company plans to become a producer of gold and precious metals, instead of a gold buyer from individuals and selling it to the Central Bank of Egypt (CBE), government officials told Asharq on condition of anonymity.
The company will commence exploration and search work at its concessions in the Eastern Desert in 2025, the officials said.
It targets handing over 1.25 tons of 99.9%-purity gold to the CBE by the end of 2025, as per an official.
Currently, Shalateen Mineral Resource delivers quantities of gold from companies and individuals licensed to work in its concession areas in the Eastern Desert to the CBE on a monthly basis based on global gold prices.