The tuts and kings that ruled Ancient Egyptian Civilizations were adorned with lavish jewelry, art and even clothing made from gold.
Gold is once again being actively mined in Egypt. In January, the government announced that the first standard gold bar had been released to the market made entirely from domestically mined gold ore.
The Igat mine in the Eastern Desert was discovered in June 2020 is estimated to contain roughly 1.3 million ounces, or about 36,000 gold kilos.
Other mines discovered in the same region include the El Sukari mine, which is estimated to contain 12 million troy ounces of gold.
“Extracting gold from the Sukari mine contributes to raising the strategic gold reserves to 300 tons, and this contributes to raising the value of the local currency,” said Nagy Farag, Adviser to the Minister of Supply and Internal Trade for Gold Industry Affairs during an interview with Sada al-Balad TV channel.
Faraq told Nile News Channel in February, that the Jebel Ikat mine has the capactity to produce about 200 kilos of gold per month. The gold is being used replenish the Central Bank’s gold reserves and is strengthening the Egyptian pound and the national economy.
The Central Bank of Egypt’s reserves now hold more than 125 tons of gold bullion.
The mines in Egypt’s Eastern Desert represent an incredible source of income for the country amidst growing interest in joining the BRICS treaty. The country has been actively expanding the exploration of mineral deposits in other regions.
The government is expected to invest roughly $1 billion into the country’s mining industry by 2030.
The country’s first certified gold refinery opened in December 2020 in the Marsa Alam area of the Eastern Desert, marking a significant achievement in maximizing the supply chain and providing more local jobs.
The earliest gold coin discovered in Egypt dates back to 360 B.C. The gold stater coin was introduced as a means of payment to Roman mercenaries. The coin’s specifications were modeled after the Persian daric standard, which contained 8.4 grams of gold.