A mine containing over a million ounces of gold was unveiled in the Eastern Desert, and is expected to attract foreign investment in Egypt’s gold mining industry.
Did you know that at one point in history, because of the generosity of a wealthy Mali king named Mansa Musa who passed through Cairo during his pilgrimage to Mecca, Egypt had so much gold it actually ruined the economy for years? While we're not big fans of rampant inflation, we do like gold - especially in excess. And recently, Egypt's Shalateen Mineral Resources Company has just hit the jackpot - they uncovered a gold mine in the Eastern Desert containing over one million ounces of gold with an extraction potential of 95%!
Shalateen Co. will extract the gold with the help of the Egyptian Mineral Resource Authority (EMRA), and the timing couldn't be better. See, when we say we like gold, we mean it - which is why we just so happen to know that the Ministry of Petroleum has been planning on boosting the gold industry since 2018, with the first phase ending in 2021. And this new find might make it more compelling for foreign investors to dig into Egypt's gold mining industry. Could this make us the next Mansa Musa? OK, probably not, the man virtually controlled an entire world economy. But we don’t mind settling for just having a ton of gold, that's cool with us too.