The World Mining Union, a subsidiary of the Saudi Gold Refinery Group, is seeking a license to prospect for minerals and gold in one of the Shalateen Company's areas in the Eastern Desert, Youssef Abdel Rahim, the group's operations director and head of the legal department, told Bloomberg's East Economics.
According to the group's operations director, the company intends to expand its operations in a number of countries, including Sudan, Ethiopia, Eritrea, Pakistan, and Kazakhstan, during the current year
Officials from the company, owned by Sulaiman bin Saleh Al-Othaim, will head to Cairo in two weeks to discuss investment opportunities in the mining sector, according to Abdul Rahim.
Shalateen Mineral Resources Company has a promising portfolio of gold-rich areas in the Eastern Desert, in addition to approximately one billion Egyptian pounds in liquidity, which will enhance its entry into the gold production sector and double the annual quantities delivered to the Central Bank, according to a government official who spoke with "Economy East with Bloomberg.
Saudi Gold Refinery Company was established in 2008. It operates in the exploration, prospecting, and extraction of precious metals such as gold and silver. It operates in more than 150 locations in Saudi Arabia, in addition to approximately 25 exploration licenses in the country.
Mining licenses for minerals and gold in Saudi Arabia
Abdul Rahim continued, "We have submitted applications to the Saudi government for 162 mining licenses, compared to the 25 mining licenses we currently hold."
The Saudi Gold Refinery is looking to utilize licenses granted by the Saudi Ministry of Industry and Mineral Resources to establish and operate gold mines before 2030.
According to the group's operations manager, "The gold refinery intends to enter Egypt, Sudan, Ethiopia, Eritrea, Pakistan, and Kazakhstan by 2025
Shalateen was established in 2012 to explore for and exploit gold and other mineral ores in the Eastern Desert, regulate the uncontrolled exploitation of gold, and re-exploit existing mines in the area. The Egyptian Mineral Resources Authority owns 35% of the company, while the National Service Projects Organization, affiliated with the Ministry of Defense, holds 34%, the National Investment Bank holds 24%, and the Egyptian Company for Mineral Resources holds 7%.
Egypt's gold production is estimated at 15.8 tons annually, most of which comes from the Sukari mine in the Eastern Desert, in addition to the Hamish and Iqat mines.
Shalateen Mineral Resources Company currently receives monthly quantities of gold from companies and individuals licensed to operate in its concession areas in the Eastern Desert. These quantities are then delivered to the Central Bank of Egypt based on the gold price on global stock exchanges, in US dollars, denominated in Egyptian pounds, officially approved by the Central Banks.
