14.5 million ounces of gold reserves amount for Egyptian government


Chairman of the Board of Directors of «El sokary gold mines» Mohamed Abdel Azim, the balance of Egypt’s reserves of gold in the mines of diabetes in the Eastern Desert rose to 14.5 million ounces, pointing out that what has been extracted so far from the mine amounted to 13 tonnes in two years since the start of commercial production the beginning of 2010.
The Chairman of the joint venture company between the Egyptian government and the company «Centamin» that his company is based formulations fourth and final phase of the project is then double the size of annual production to reach between 20 and 25 tonnes of gold, pointing out that what has been spent so far up to $ 450 million for the establishment of factories refining and underground tunnels and the city housing, and other requirements of the project and its equipment, the Egyptian government has not paid any part of those costs, stressing that the project has become a huge industrial edifice put Egypt on the map producing countries of precious metals in the world.
And on the reasons for export production abroad, Abdul Azim said that the company offered to sell the global gold production on the Central Bank unless he apologized for purchase and allowed the sale of production in the global stock after purified in a laboratory approved in Canada to reach the level of purity to 99.99 per cent.
And about an allegation on hold mine quantities of gold was not announced, the President of company operations that «the Egyptian government involved in the management of the entire project and not true the rumors of rumors in this regard promoted some workers from the claimants factional and adopted by some amateur fame of abuse to the project, which is presence in Egypt of pride to us ».
He stressed that the production processes are completely transparent and under the control of 3 bodies-governmental body mineral wealth and the interest of stamp duty and balances and the Customs Department, and subject the company’s accounts in full to the control of the Central Auditing Agency, pointing out that the central bank is following conversions sale of gold in the Egyptian stock market world and makes sure they arrive in full to Egypt .
And the reasons for the lack of international companies to search for minerals in Egypt, Engineer Mohamed Abdel-Azim, many of the world follow with admiration what is happening in Mount diabetes, but it believes that the Mines Act the current is not encouraging or attracting of foreign investments and calls for amending some of its clauses.
And the opportunities to the presence of other mines of gold, he said that the mountains of the Eastern Desert have evidence of promising and perhaps a greater degree of diabetes is promising to compensate for the great wealth of Egypt for oil depleted. He pointed out that Egypt is completely stopped production of gold since 1954 due to depletion of the veins of quartz-bearing gold in the region, the new technology devised by the company «Centamin» proved the presence of gold particles in the rocks of the mountains themselves, and not in the veins, which the making of great value to the Mount diabetes can be repeated in other mountains around it.

  • Aly

    So Egypt is really rich???

  • Aly