LOC10:51
07:51 GMT
CAIRO, Oct 20 (KUNA) -- Egypt will begin commercial production of gold
before end of the current year, a senior official has announced.
Minister of Petroleum and Minerals Sameh Fahmi said in remarks, published
by the mass-circulation "Al-Ahram" on Saturday, that gold reserves, discovered
in the Eastern Desert, were valued at eight billion US dollars.
Egypt will have USD four billion worth of part of the discovered gold while
an Australian company, involved in drilling operations, will be given the
remaining amount of the located gold, Fahmi said.
The country will begin commercial production of gold before the end of the
current year, through a Cypriot company, the minister added, indicating at the
forecast significant profits, considering the record hike of the prices of the
precious metal.
Indicating at keenness of the government on ideal utilization of the
country's resources of wealth, he confirmed that oil put out by state-run
companies reached 50,000 barrels per day.
Authorities have drawn up plans, to be implemented within the next 20
years, including construction of 14 chemical complexes, with projected
production of 15 million tons of petrochemicals per year, worth USD seven
billion. (end)
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