Arab Finance: The American gold mining giant Newmont Corporation is exploring opportunities for gold mining and prospecting in Egypt, an unnamed Egyptian government told Asharq Business on the sidelines of Egypt Mining Forum.
Newmont is awaiting approval from the Egyptian House of Representatives to adopt a model contract similar to those signed by Canada’s Barrick Gold and Centamin for the commercial exploitation of gold and associated minerals in Egypt's Eastern Desert, the source added.
Egypt's current gold production reached approximately 559,000 ounces during the fiscal year (FY) 2023/2024, primarily sourced from the Sukari gold mine in the Eastern Desert, alongside operations at the Hamsh, Iqat, and Shalatin Mineral Resources Company mines.