Egypt’s Ministry of Petroleum and Mineral Resources has announced plans to establish a two-phase mineral extraction complex in Aswan, focusing on gold and silver, with an estimated investment of EGP 700 million (approx. $217 million).

Shalateen Mineral Resources Company, the project owner, will invest in two phases scheduled for completion by May 2026.

The first phase, overseen by GASCO, will be finalized by Q2 2025 and will see the operation of 56 factories. The second phase aims to increase the number of factories to over 112.

This initiative seeks to formalize informal mining activities by providing legal channels for extracting mineral resources in southern Egypt.

The project is expected to boost extraction rates from ores to between 70% and 80%. Egypt aims to increase the mining sector’s contribution to the national GDP from less than 1% to 5%.