Egypt says gold deposit discovered in southeast

REUTERS | Egypt’s Ministry of Petroleum and Mineral Resources said on Tuesday a gold deposit with estimated resources of 1 million ounces had been discovered in the southeast of the country.

The deposit lies in the concession area of the military-controlled Shalateen Mining Company in the Eastern Desert’s Iqaat area, it said in a statement.

More than $1 billion is expected to be invested to develop the deposit over the next 10 years, the statement said, without giving details on the methodology used to determine the deposit’s size.

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