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Chairman of Shalateen Mining Company: Promising Gold Concentrations Discovered at "Hangaliya" Site

Waleed Farouk Dr. Hany Mostafa, Chairman of Shalateen Mining Company, announced that initial assay results from the "Hangaliya" site indicate promising gold concentrations, with analyses revealing an average gold content of approximately 18 grams per ton—a figure considered excellent in the mining industry. In televised remarks to Al Arabiya, Dr. Mostafa explained that these results were obtained after thorough testing and analysis of subsurface samples, as part of the company's preliminary exploration program in several promising areas of Egypt's Eastern Desert. 'This grade is one of the positive indicators that gives us great confidence in the site's potential,' he said, 'and it encourages us to move forward with the technical and economic evaluation phases, paving the way for more advanced drilling and commercial exploration activities.' The Shalateen Chairman confirmed that the next steps will include conducting extensive geophysical and geochemical surveys to accurately determine the extent of the mineralized body. A comprehensive feasibility study is also being prepared, covering both technical and financial estimates, to obtain the necessary approvals from the relevant authorities. He added:'We are committed to applying the highest standards of safety and environmental responsibility at every stage of the project, and we aim for our operations to maximize the value of Egypt's national mineral wealth.' 'The findings from the Hangaliya site give us a significant boost,' he continued, 'and confirm that we are on the right track toward unlocking new frontiers in Egypt's mining sector. This will enhance its contribution to GDP and create real job opportunities for Upper Egypt residents.' New Exploration Bids and Investment Plans Dr. Mostafa also revealed that the company is preparing to launch new gold mining tenders next month, which will be open to both international and local companies. These bids will be within Shalateen's concession area located between latitudes 22° and 24° south in the Eastern Desert. In a separate televised interview with Asharq Bloomberg, he disclosed that the company has allocated EGP 100 million for a self-funded, three-year exploration project at the Hangaliya and Umm Ud sites near Marsa Alam. He noted that initial indicators point to commercially viable discoveries, although it is still too early to determine the exact reserve size at this stage. Dihmit Industrial Complex in Aswan Regarding the industrial complex that the company is developing in Dihmit, Aswan, Mostafa said that construction is about 70% complete on the 1,420-feddan project, and he expects the complex to be fully operational by early next year at the latest. Once completed, he estimated that the facility would increase the company's gold production to 1.5 tons annually, up from the current output of about 1.2 tons. Ownership Structure Shalateen Mining Company is a joint venture in which the Egyptian Mineral Resources Authority (EMRA) holds a 35% stake, the National Service Projects Organization (NSPO) of the Ministry of Defense owns 34%, the National Investment Bank holds 24%, and the Egyptian Company for Mineral Resources owns the remaining 7%. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream