Prime Minister Moustafa Madbouli said Tuesday that his government is keen on rendering the Egyptian experiment with gold investment funds successful.

A legislative framework is needed to regulate those funds in a way that would secure non-traditional investment opportunities for citizens, the premier said as he reviewed a report by the Financial Regulatory Authority (FRA).

The goal is for gold to be used as an investment tool that could be easily and transparently traded through those funds under the supervision of the FRA, Madbouli noted, stressing this would also protect citizens’ rights.

FRA chairman Mohamed Farid said that the first such fund was launched by AZ-Gold in May 2023. He added that a second fund was launched by Beltone Evolve in January 2024.

The FRA is currently studying to launch a third fund affiliated with one of the companies of the National Bank of Egypt (NBE), Farid noted.

MENA

Petroleum Ministry endorses action plan of “Abu Marwat Gold Mines” in Eastern Desert

Petroleum and Miner
al 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