Egypt Targets 2026 Gold Output from Abu Marawat Mine - The Middle East Observer
Global bullion prices retreat, while Egypt’s local gold market continues to edge higher. Cairo, Egypt is set to bring the Abu Marawat project into commercial production in 2026, potentially making it the country’s second modern commercial gold mine after Sukari and reinforcing Cairo’s strategy to expand mining as a source of investment, exports and industrial […]
Global bullion prices retreat, while Egypt’slocal gold marketcontinues to edge higher. Cairo, Egypt is set to bring the Abu Marawat project intocommercial productionin 2026, potentially making it the country’s second modern commercial gold mine after Sukari and reinforcing Cairo’s strategy to expand mining as a source of investment, exports and industrial growth. The project, developed through a joint venture between the Egyptian Mineral Resources and Mining Industries Authority and Canada’s Aton Resources, is expected to begin with the Hamama West deposit before expanding across the wider Eastern Desert concession. Current certified reserves for the initial mining licence comprise about134,900 ounces of recoverable goldand1. 4 million ounces of silver, with further exploration offering additional upside across the district. Officials say Abu Marawat will support domestic gold output, attract foreignmining capital,create direct and indirect jobs, and stimulate economic activity in the Red Sea and Qena governorates. It also reflects Egypt’s efforts to modernise its mining concession framework and draw international exploration companies into one of the region’s most promising mineral belts. The announcement comes as global gold prices remain volatile. Bullion slipped below$4,100 an ounceduring Wednesday’s trading, despite renewed regional tensions around the Strait of Hormuz, as a stronger dollar and interest-rate expectations weighed on safe-haven demand. In Egypt,retail pricesmoved higher, reflecting local market dynamics. Benchmark 21-carat gold rose by aboutEGP40to aroundEGP5,810 per gram, while 24-carat gold reached approximatelyEGP6,640, 18-carat traded nearEGP4,980, and the gold pound stood at aboutEGP46,480. Beyond increasing domestic gold output, Abu Marawat will serve as an early test of Egypt’s mining reforms, with its success likely to influence future foreign investment across the country’s largely underexplored Eastern Desert. Related news:Gold Prices Ease in Egypt as Rising US Yields Weaken Bullion AppealEgypt Secures UAE Support for Airborne Mining Surveys and Petroleum FinancingTitan Egypt Accelerates €35m Investment to Expand Exports and Cut EmissionsRead also:Egypt Draft Law Transforms Future of Egypt Authority Into Strategic Investment InstitutionNew Administrative Capital to Host Egypt Mining Forum in September