Egypt's Afaq Mining to invest $40mln in gold mining over 3 years

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Arab Finance: Egyptian Afaq Mining is planning to invest up to $40 million in gold prospecting and mining over the next three years, Chairman Amr El-Marsfawy told Asharq Business.

He added that the company will invest $10 million within the coming days to complete research and exploration work in west of Gabal Elba.

The new investments will focus on drilling, research, and exploration operations in west of Gabal Elba, with the aim of making a commercial announcement in Shalateen by July 2025, El-Marsfawy pointed out.

Afaq Mining, established in 2018, was awarded the concession area od west of Gabal Elba in Halayeb and Shalatin in 2019.

On the sidelines of Egypt Mining Forum’s third edition, CEO Khaled Al-Jahdali of Saudi Arabia's Al Haitham Mining Company revealed that his company considers acquiring a stake in Afaq.