Al Arabiya Business-

Shalateen Mineral Resources Company (SMRC) is expected to deliver 550 kilograms (kg) of gold to the Central Bank of Egypt (CBE) by the first half (H1) of 2024, a government official told Al Arabiya Business.

The bank received gold shipments worth nearly EGP 1 billion during H2 2023 from the company, the official noted, adding that they ranged between 470 and 500 kilograms.

He added that the firm had not received any new offers respecting its bid for gold exploration in the Eastern Desert.

However, he pointed out that a number of companies have shown their interest in submitting technical offers before the deadline on March 7th.

The companies that have already submitted their offers are based in China, Canada, Russia, and Australia, along with other local firms, as per the official.

It is worth noting that Minister of Petroleum Tarek El-Molla revealed before that the government targets boosting the mining sector’s contribution to gross domestic product (GDP) to 5% by 2030