Despite plentiful reserves and a rich mining history that gave rise to elaborate Pharaonic gold jewelry, Egypt has just one commercial gold mine in operation. The government is looking to attract $1 billion in annual investments in mining, a target industry sources say could be within reach. However, the retention of a tendering process for exploration blocks limits the chances of any gold boom, said Sami El Raghy, Chairman of Australia-based Nordana. Environmental campaigners, however, say there is no justification for gold mining. “Egypt has immense potential for mining copper and gold and other commodities.

Source: Libya Today April 03, 2021 10:21 UTC