Egyptian gold reserves rise to 14.5 million ounces

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Eng Mohammed Abdel Azim, Chairman of the Board of Directors of diabetes for the gold mines on the high balance of Egypt’s reserves of gold in the mines of diabetes in the Eastern Desert to 14.5 million ounces of gold, indicating that what has been extracted so far reached 13 tons of gold just over two years, where production begantrade since January 2010.

Said Abdul Azim that the company is formulations fourth and final phase of the project is then double the size of annual production to reach between 20 and 25 tons of gold, pointing out that what has been spent so far up to $ 450 million to set up refineries and underground tunnels and the city housing and other requirements of the project and its equipment did not pay them the Egyptian government one dollar, 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, said Mohamed Abdel-Azim said the company offered to sell gold production on the world’s central bank, but he apologized for purchase and allowed the sale of production in the global stock after purified in a laboratory approved in Canada to the 99.99% level in order to market it.

The Chairman of the company operations to the Egyptian government is involved in the management of the entire project and not true the rumors of rumors to keep the mine in quantities of gold were not disclosed.

He added that production processes are completely transparent and under the control of 3 bodies government is the mineral wealth and the interest of stamp duty and balances and the Customs Department, and subject the company’s accounts fully for the control of the Central Auditing Agency, adding 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, Eng Mohammed Azim that many of the world’s admiration relay what is happening in Mount diabetes, but it believes that the current mining law is not encouraging or attracting of foreign investments and calls for amending some of its clauses.