Egypt Announces Strategic Gold Extraction Project in Aswan with an Investment of 350 Million EGP
In a move that reflects the Egyptian government’s commitment to accelerating industrial development and enhancing integration among companies in key economic sectors, Shalateen Mineral Wealth Company, under the leadership of geologist Sherif El-Shahawi, has signed a contract with Gas Egypt, headed by engineer Wael Goweid, to establish a major industrial complex for gold extraction tailored for artisanal mining in the Dahmit area of Aswan Governorate.
Gold Extraction Project in Aswan
The event was attended by Dr. Abdul Majid Mohammed, Vice President of Shalateen Company, alongside several senior leaders of Gas Egypt, clearly indicating the importance the state places on this project
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This project is sponsored by Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, aiming to create advanced industrial infrastructure that contributes to the acceleration of the national economy and the creation of new job opportunities, with a focus on exploiting the mineral wealth in the area for the benefit of the local community and the national economy
A deal worth 100 million pounds
The contract, valued at over 100 million EGP, represents one of the strategic steps to develop the industry and mineral wealth in Egypt, as the new complex is among the ambitious projects the government seeks to achieve within its comprehensive sustainable development plan
stimulate investment in less developed areas
This partnership reaffirms the state’s approach to encouraging cooperation between various public and private companies to achieve economic and social development goals, highlighting efforts to achieve industrial integration and stimulate investment in less developed areas, thereby ensuring a fair distribution of resources and opportunities across the republic
Engineer Tarek El Molla
Minister Molla emphasized the importance of these strategic partnerships between major companies in the petroleum and mining sectors, noting that they reflect the government’s commitment to achieving comprehensive and sustainable development throughout the country
The contract duration is set for one year, with Gas Egypt expected to complete the trial operation and announce the official start of the complex in May 2025
Gold Extraction Project in Aswan
This project comes with substantial investments estimated at around 350 million EGP, including civil works, electricity projects, road development, as well as the establishment of several production units, mills, extraction pools, and scales
The industrial complex aims to include more than 800 companies after completing the first and second phases, reflecting the great ambition of this project
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This expansion will enhance the industrial infrastructure in the area and contribute to supporting the national economy by creating new job opportunities and stimulating growth in multiple sectors
