Halayeb’s Gold Gone to Egypt

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Exclusive: Council of ministers agrees on founding Shalateen Corporation for Mineral Resources to make use of old gold mines.
Written by/ Khalid Saifaldeen
Ambassador Dr. Ala’a Alhadidi, spokesman for council of ministers, has confirmed that – among the government’s efforts to increase investments and to operate new companies as to open doors for employment opportunities for citizens – the decision of the formation of (Shalateen Corporation for Mineral Resources) has came out today, the company is an Egyptian joint-stock company between the Egyptian Committee for Mineral Resources, National Investment Bank and the Egyptian Corporation for Mineral Resources, with capital of 10 million Egyptian Pounds.
He added that the new company will perform research work and exploitation of metal ores in the eastern desert in Shalateen city and the Red Sea; this includes re-exploitation of old gold mines in the area, thus, the formation of the company will contribute in rationing the random exploitation of the gold in the valleys’ sediment. He also pointed that it is expected that the company will provide employment opportunities for about 500 workers in the first three years, additionally to the indirect employment in the activities related to the company’s work.