CAIRO: Egypt is poised to enhance its gold market in an effort to boost its economy and its domestic gold market, and to attract buyers and investors, according to media reports and expert interviews.
The Ministry of Supply is set to launch a gold bourse, or stock exchange, in Egypt in order to revive the gold industry sector, Supply Minister Khaled Hanafy told Al-Masry Al-Youm. The ministry plans also to create two new standards of gold, 14 and 16 carats, in order to enhance the gold market, he said.
Dr. Wasfi Amin, the head of the Gold’s Craft Division at Federation of Egyptian Chambers Commerce, said that ratifying the new carats will boost the domestic market, particularly the purchase of pharaonic gold mostly bought by foreign tourists.
Dr. Al-Sayyed Salem, general director of the Geophysics unit at the Egyptian Mineral Resources General Authority, told The Cairo Post that the Ministry of Supply’s decision to create another two standards of gold carats will enhance the gold industry in Egypt.
He also said the authority has discovered large amounts of crude gold in the Shark-Owainat region. The region is a promising area for investment because it has large amounts of gold, he said, adding that the government should pave the roads in order to attract more investment in the region.
Salah Goda, the director of the Economic Research Center in Cairo, said the Egyptian Public Authority for Mineral Resources has discovered about 43 gold mines in the Shark Al-Owainat region that he believes the government should exploit for large amounts of crude gold, Al-Ahram reported.
Egypt has the third largest supply of gold in the world but it lacks a ministry related to gold and mineral wealth, Goda added. The recently discovered mines include amounts of gold larger than that in the El Sokarry Gold Mine, he said, which according to the Red Sea governorate website is one of the largest 10 mines in the world.
The average production of the El Sokarry Gold Mine is 200,000 ounces of gold yearly, it said.
”Egypt has more than 100 mines including the El Sokarry mine, and Egypt should exploit this mineral wealth in this critical period,” Salem told The Cairo Post.
He also said the Egyptian Mineral Resources General Authority has designated committees to excavate in the Habata, Ras Gharib and Wadi Dara regions in hopes of discovering more gold reserves.