Egypt’s Ministry of Petroleum and Mineral Resources said on Tuesday a gold deposit with estimated resources of one-million ounces had been discovered in the southeast of the country.
The deposit lies in the concession area of the military-controlled Shalateen Mining Company in the Eastern Desert’s Iqaat area, it said in a statement.
More than $1-billion is expected to be invested to develop the deposit over the next 10 years, the statement said, without giving details on the methodology used to determine the deposit’s size.