Shalateen Mineral Resources boosts gold production by 25% in 9 months

Updated 10/1/2024 8:36:00 AM

Arab Finance: Egypt's Shalateen Mineral Resources has increased its gold production by approximately 25% during the first nine months of 2024, an unnamed government official told Al Arabiya Business.

The company's gold output reached about 700 kilograms from January to September, compared to around 560 kilograms in the same period of 2023.

In the first half (H1) of 2024, Shalateen delivered about 400 kilograms of gold to the Central Bank of Egypt (CBE), valued at EGP 1.5 billion.

The company ramped up production in the third quarter (Q3) to approximately 300 kilograms.

The official noted that Shalateen, which operates under the Egyptian Ministry of Petroleum and other entities, is intensifying exploration efforts to increase gold production over the next five years and double its annual gold sales revenue.

The Egyptian government aims to boost the mining sector's contribution to the gross domestic product (GDP) to 5% by 2030.

Shalateen focuses on mineral resource exploration and exploitation across the country, excluding the Sinai Peninsula, the official highlighted, adding that it holds exclusive rights for exploration between latitudes 22 and 24 degrees north in the southern part of the Eastern Desert.

Furthermore, Shalateen is implementing a strategic plan to establish several mining industry complexes, including one in Aswan, aimed at extracting gold and silver and regulating informal mining activities through legal channels in southern Egypt.

Shalateen Mineral Resources Company was established on November 26, 2012, as an Egyptian joint-stock company in accordance with the provisions of Joint-Stock Companies Law No. 159 of 1981 and its amendments, as well as the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations.