Petroleum and Mineral Resources Minister Tareq el-Mulla witnessed the convening of the founding assembly of the “Abu Marwat Gold Mines” Company.

It is a joint company between the Egyptian Mineral Resources Authority (EMRA) and the Canadian-based company Aton Mining Inc., and will start exploiting the gold ore and associated minerals in the “Abu Marwat” area in the Eastern Desert, the Petroleum Ministry said in a statement on Tuesday.

The new company was established following Aton Mining Inc.’s commercial discovery of gold in the Hamama Gharb and Rodrin areas within the Abu Marwat concession.

This came in implementation of a contract signed between the EMRA and Aton Mining Inc. to exploit gold ore and minerals discovered in an area of nearly 57.6 km².

Extractable reserves are estimated at nearly 134,000 ounces of gold and 1.4 million ounces of silver, according to the statement.

Source: State Information Service Egypt