Shalatin Mineral Resources targets to deliver 1.2 tons of gold to Central Bank of Egypt in 2024

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Shalatin Mineral Resources is seeking to deliver 1.2 tons of gold to the Central Bank of Egypt (CBE) in 2024, Chairman Sherif El-Shahawy told Asharq Business.

In 2023, the company delivered 750 kilograms of gold worth around EGP 2.6 billion, El-Shahawy added.

El-Shahawy also mentioned that construction of a mining industrial complex for mining in Aswan has started, and is expected to be complete by May 2025 at a cost of EGP 350 million.

In the first half (H1) of 2024, Shalateen Mineral Resources increased its gold deliveries to the CBE by approximately 23% year on year.

Established in 2012, Shalatin Mineral Resources Company is 35% owned by the Egyptian Mineral Resources Authority (EMRA). The National Service Projects Agency of the Egyptian Ministry of Defense holds 34% and the National Investment Bank (NIB) owns 24%.