Arab Finance: Shalateen Mineral Resources intends to increase its gold deliveries to the Central Bank of Egypt (CBE) by about 32% year on year (YoY) in 2023 to reach 830 kilograms, Shalateen’s Chairman Sherif El Shahawy told Asharq Business on July 19th.
El Shahawy added that gold deliveries for this year are expected to exceed 2022’s deliveries by 200 kilograms, equivalent to 6,000 ounces.
Shalateen Mineral Resources delivered 240 kilograms of gold to the CBE during the period from January to April 2023.
The value of gold listed in foreign exchange reserves amounted to 4.044 million ounces at the end of last April.
In July, it was reported that Egypt will establish six complexes to extract gold in the Eastern Desert.