July 28, 2005 Fahmi: Mining industries expanding Minister of...

July 28, 2005
Fahmi: Mining industries expanding


Minister of Petroleum Sameh Fahmi praised the current activities to fully utilize Egypt's natural resources.

This was said during the Minister's inspection of the gold mining areas of Sokari and Alaki in the South Eastern Desert, and tantalum mining activities in Abu Dabab and Al-Tabea in North Marsa Alam.

The Minister noted that the importance of gold mining for Egypt's economy, in which the revenues are very high, besides the industry's need for labour.

Fahmi said that Egyptian Sahari Company for Gold Mining in Sokari estimated that it had-so far discovered only 25 percent of gold waiting to be extracted. Sahari is currently operating seven exploratory mining machines to collect samples in order to determine gold concentration at different depths.

Inspecting the mining areas in Al-Alaki Valley, the Minister commented on studies having indicated a high concentration of gold, calculated to be 5-14 grams per tones. This ratio is considered to be very high by international standards.

Australian Gabes Land Company, the operator of Al-Alkai Valley project, has begun digging in order to take samples allowing them to estimate the amount of gold in the valley.

It is worth noting that Al-Alaki valley has been an important source for gold for over 4000 years.

Regarding the tantalum mining areas of Abu Dabab and Al Tabea, the Minister pointed to the importance of tantalum which is a strategic metal, given its rareness and usage in many technical industries such as computers, aeroplanes and mobile phones.

The Australian company predicted that Egypt will be one of the biggest sources for tantalum in the world.

Investments are planned to reach $80 million while profits will be shared equally between the Egyptian Authority for Minerals and the Australian company.

Mining will start by 2007 and will reach 300 tons annually at its peak, with revenues expected to be $750 million over 20 years, and the industry providing 1200 job opportunities.
Gippitittie,Gippitittie,Gip,Gip...