The Minister of Petroleum and Mineral Resources, Tarek El Molla, on Tuesday, March 21, announced that the trials for commercial production of gold from the Iqat site in southern Egypt have commenced, according to a statement by the ministry, shared by Egypt Oil & Gas.
The Iqat site is the culmination of an ambitious plan drawn up to begin production early, given the site’s advantages. It is estimated to have reserves of about 1.2 million ounces of gold, with an extraction rate of 95%, making it one of the highest extraction rates.
During an inspection of the Iqat site, El Molla explained that it is a pure Egyptian investment in gold exploration and exploitation through the Egyptian Shalateen Company. The company is witnessing a successful partnership and fruitful cooperation with the Egyptian private sector.
The Iqat Gold Mining Company was formed between Shalatin, the Egyptian Mineral Resources Authority (EMRA), and the Wealth and Resources Mining Company.
The two entities are in charge of work in the detection area, with work beginning to establish highly efficient facilities and infrastructure and to operate them through a group of Egyptian youth with skills and experience within a system that includes specialized international experts.
El Molla inspected the progress of the works and the progress of the gold production process, starting with the drilling operations and transporting the rocks by lorry from Mount Iqat to the crushing unit. The rocks are then ground and placed in the extraction basins in preparation for the smelting process, extracting gold, and producing ingots. The infrastructure has been established to start production from the discovery and the various stages of work.