The Egyptian Minister of Petroleum and Mineral Resources, Engineer Tarek El Molla, chaired the  first General meeting of Iqat Gold Mines Company, which is responsible for the development of the commercial discovery of Iqat.

El Molla announced, according to a press release, the launch of an ambitious plan to initiate advance production of commercial gold exploration in the area of Iqat in the eastern desert of Egypt during the next period in light of the high prospects for the mining rate. 

The discovery is promising, and heralds positive results that increase Egyptian gold production, in light of the presence of an estimated reserve in over a million ounces of gold at a minimum. 

The discovery is also the result of a purely Egyptian investment in the field of Exploration  of gold through the Egyptian Shalateen Company, which is witnessing a great partnership and collaboration between different state sectors.

Al-Mulla added that the launch of the company’s first meeting is one of the results of the Ministry of Petroleum and Mineral Resources program to develop and modernize the mining sector to increase its contribution to the national product.