Abou El-Enein:
- Egypt Possesses Huge Untapped Mineral Wealth
- The Ministry of Petroleum Aims to Position Egypt as a Key Hub in the Precious Metals Market
- Sukari Gold Mine Among the World’s Top Ten in Terms of Reserves
- 15 Million Ounces of Gold Identified — Valued at Over $50 Billion
- Added Value of Gold Extends to Its Manufacturing as Ornaments
- BRICS Seeks to Launch a New Gold-Backed Currency to Protect Its Reserves
- Egypt Must Be Remarketed Globally as a Center for Mineral Wealth
MP Mohamed Abou El-Enein, Deputy Speaker of the House of Representatives, said that Egypt possesses vast, untapped mineral wealth, foremost among them gold and precious metals. He emphasized that the current direction adopted by the Ministry of Petroleum — to present Egypt as a key hub in the global precious metals market — is a very sound approach that must be built upon with ambitious plans to increase added value.
This came during the plenary session of the House of Representatives to discuss the government’s draft law authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian General Authority for Mineral Resources and Centamin Central Mining Co. (S.A.E.) to exploit gold ore and its accompanying minerals in the Sukari concession area.
Abou El-Enein added that the whole world is now moving toward maximizing the use of strategic minerals, and Egypt possesses no fewer than 39 mineral resources, which requires expanding exploration and exploitation studies and seeking partnerships that ensure the greatest possible benefit from these resources.
The Deputy Speaker referred to the Sukari Gold Mine, affirming that it is one of the most important mines in Egypt and among the top ten worldwide in terms of reserves. He noted that approximately 15 million ounces of gold have been identified, valued at over $50 billion. He pointed out that the company holding the concession since 1994 made great efforts in determining the reserves but later transferred ownership to another company, which necessitates a review of concession agreements to ensure that Egypt maximizes its returns.
He explained that the old petroleum agreements were based on the “division” principle, which is no longer suitable for the current phase, calling for the preparation of accurate economic studies on strategic mines to ensure maximum national benefit.
Abou El-Enein stressed that the added value of gold should not stop at selling it as a raw material but should extend to its manufacturing into ornaments, especially amid the global trend of using gold as a store of value. He noted that the BRICS group seeks to launch a new gold-backed currency to protect its reserves, which further highlights the importance of maintaining a strong gold reserve for countries like Egypt.
He concluded his remarks by approving the draft law, calling for Egypt to be remarketed globally as a hub for mineral wealth, and for the adoption of a clear policy aimed at achieving the highest levels of profitability and economic benefit from the country’s natural treasures.
