SMM Gold Flash] Afaq Mining has identified a deposit containing about 305,000 ounces of gold at the West Gabal Elba concession in Egypt’s southeastern desert, chairman Mostafa Elbahr told Reuters during the Egypt Mining Forum held on 28–29 September. The privately owned Egyptian company plans to invest about US$146 million over four to five years in further exploration and an initial production facility; the spending and production have not yet occurred.
The disclosure adds a prospective source beyond Sukari, which currently dominates Egypt’s modern gold output. It also supports the government’s ambition to lift national production to 800,000 ounces annually by 2030 from roughly 500,000 ounces at Sukari. Reuters did not characterise Afaq’s figure as a mineable reserve or report that its facility had been built; commercial production would still depend on further technical work, permits and financing.
