A press release to Egypt Oil&Gas stated that the Minister of Petroleum and Mineral Resources, Tarek El Molla, visited El-Sukari Gold Mine in the Eastern Desert accompanied by Mohamed Tahir, First Undersecretary of the Ministry for Petroleum Affairs, Geologist Youssef Fikri, Undersecretary of the Ministry for Mineral Resources, Geologist Omar Teima, Head of the Mineral Resources Authority and Dr. Ali Barakat, Chairman of El-Sukari Gold Mining Company.

El Molla explained the importance of gold discoveries in Egypt, referring to the high revenues and required labor force that creates more jobs. Being present in Central and South Valley areas, El Molla noted that the extraction projects of gold contribute positively to the economic and social development of these regions.

On the other hand, Dr. Ali Barakat said that the estimated gold reserves of El-Sukari Gold Mining Company  are up to about 14.5m ounces, worth of $20b at current prices. El-Sukari has produced nearly 83t of gold so far since January 2010 with an estimated value of $7.2b and an average production of 250,000 ounces in the first year, increasing to 530,000 ounces per year. The project’s investments are about $7.1b, which provide about 4,500 direct and indirect jobs.