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Sawiris forecasts million ounces from new gold mines
Businessman Naguib Sawiris stated that his company, "En Tooo Metals," has begun gold exploration in two out of four areas secured during the first phase. It is expected that the recoverable gold will reach approximately one million ounces. He confirmed that the preliminary exploration results are promising, despite the gold content in the ore being low so far; however, indicators point to significant economic viability for the project. He also called on the Egyptian government to increase geological data collection to facilitate attracting new investments. Sawiris noted that the Eastern Desert remains an largely unexplored region, offering investment opportunities in gold, with sites in Sudan and interest in areas in Guinea. Additionally, he emphasized that ongoing conflict continues to put pressure on gold prices, which constitute 50% of his investment portfolio.
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