Canadian mining firm Aton Resources is currently planning to establish a gold extraction and processing plant in Egypt with an estimated investment of around $60mn, Economy Plus reported on June 18.
The investment plan follows the discovery of a new gold deposit in the Abu Marawat area, which is located within Aton’s concession zone in Egypt’s Eastern Desert. The concession is located about 200km north of the Sukari gold mine.
An Egyptian government official told Economy Plus that the company achieved positive results from its drilling programme, which included approximately 95 boreholes within the concession area.
Out of the 95 boreholes, 21 showed strong indications of gold, silver, copper, and zinc mineralisation. Egypt estimates the recoverable reserves in the Abu Marawat area at about 134,900 ounces of gold and 1.4mn ounces of silver.
Gold mining in Egypt is concentrated between the Nile River and the Red Sea. This area is rich in mineral resources and has been historically known for gold since ancient Egyptian times. The Sukari gold mine, operated by Centamin, is Egypt’s largest and only commercial gold mine currently in production. The country has overhauled its mining law in recent years to attract foreign investors. The reforms included more transparent bidding processes, reduced royalties, and better contractual terms.
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