Page 27 - Bullion World Volume 3 Issue 11 November 2023

Bullion World | Volume 3 | Issue 11 | November 2023

Egypt

Topic Key Points

Egypt's Gold Legacy - Egypt's rich gold history from the time of pharaohs.

- In 2022, Egypt ranked 27th in global gold production (14 tons).

Sukari Mine - Sukari: Egypt's primary gold mine, contributing $900 million yearly.
Regulatory Reforms - 2018 reforms revitalized the gold sector, attracting investments.

Golden Exports - Egypt exports gold to various countries, including Canada, UAE, and Australia.

Gold Mines - Multiple gold mines across Egypt, such as Sukari and historic Nubian mines.

Mining Laws - Mineral Resources Law governs mining, setting royalties and taxes.

- 2020 amendments removed profit-sharing, eased joint ventures, and capped state royalties.

Rising Demand - In 2022, gold exports grew 46%, with an 83% domestic demand rise.

- Currency devaluation and inflation boosted gold's appeal.

Golden Start 2023 - Egypt saw a doubling of gold demand in Q1 and a 300% surge in Q2.

- It's now a major contributor to gold bar and coin investments in the Middle East.

- Egypt offers affordable gold and customs tax exemptions for buyers.

Egypt's Golden Legacy: From injecting up to $900 million annually.
Ancient Pharaohs to Modern Owned by the Egyptian Mineral Denmark, and Turkey. These exports
Prosperity Resource Authority and operated by underscore Egypt's role in the global
Egypt, a land steeped in history, has Centamin Plc Egypt, the Sukari mine gold market.
a glittering connection with gold serves as a beacon of Egypt's gold
that traces back to the time of the mining aspirations, with an ongoing Gold Mines Across Egypt
pharaohs. The ancient Egyptians commitment to expanding exploration Egypt's mineral wealth is spread
were pioneers in gold mining, activities in the Eastern Desert. across various gold mines, including
establishing the first active gold Sukari Mountain, Hamash, Wadi
mines in Nubia, where they tirelessly Regulatory Reforms Fuel Gold al-Alaqi, Wadi Al-Dawasir, and the
extracted gold for millennia. Fast Boom historic Nubian mines.
forward to 2022, and Egypt proudly The golden resurgence in Egypt can
held 27th in global gold production, be attributed to pivotal amendments Mineral Resources Law: Fostering
contributing approximately 14 tons to to mining regulations in 2018, Responsible Mining
the world's supply. which breathed new life into the Egypt's Mineral Resources Law lays
sector. These changes paved the down essential regulations for the
Sukari Mine: The Jewel of Egypt way for increased investment in mining sector, ensuring responsible
The Sukari is Egypt's sole operational mining, setting the stage for Egypt's extraction and equitable benefit-
commercial gold mine in the eastern burgeoning gold production. sharing. These regulations include
desert region. Since its production provisions for license holders who
commencement in 2009, this mine Golden Exports: Shaping Egypt's must adhere to their designated
has yielded a remarkable 142,000 Global Presence boundaries, with significant fines
kilograms of gold. With a projected Egypt's gold finds its way across the for violations. The government is
mine life of 14 years, Sukari is more globe, with crucial export destinations entitled to 15% of net profits, and
than just a source of wealth; it's a including Canada, the United Arab mining companies must pay rental
cornerstone of the Egyptian economy, Emirates, Australia, Saudi Arabia, fees for their mining operations.

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