CAIRO: The head of the Egyptian Mineral Resources General Authority (EMRA), geologist Omar Teima, said on Friday that in the upcoming period many auctions will be held for drilling operations to look for minerals in Egypt, particularly gold and phosphate, MENA reported.
He said that mineral resources in Egypt are yet to be discovered, and will be utilized directly through research that was conducted in 1996. Egypt will soon be on the list of gold producing countries, he continued.
Teima told MENA that auctions will protect gold from random drilling, which increased lately due to the deterioration in security in Egypt.
He said that only one company produces gold in Egypt, while Hamash mine in the Eastern Desert is still working with traditional means, and has no modern equipment, like that of Al-Sokkary mine. He said that Egypt will be on the list of gold producing countries in 2018.
Teima said that Al-Sokkary mine is ranked eighth internationally with respect to production, and has 4,000 workers employed there.
Centamin Company for mineral exploration, which focuses its operations in Egypt, said that its production in 2013 exceeded the target by 12 percent, and aims at reaching more in 2014, reported Al-Masry Al-Youm.
The company said that it produced 91,465 ounces of gold in the last quarter of 2013, while production reached 358,943 ounces of gold exceeding the predictions of production at 320,000 ounces.
Preliminary results showed that Centamin Company’s production of gold in Al-Sokkary mine decreased by 14 percent to reach 74,241 ounces of gold in the first quarter of 2014, Reuters reported.
Centamin Company said that it expects producing 420,000 ounces of gold in 2014, and 450,000 to 500,000 ounces of gold yearly in the long run.