Egyptian Petroleum Minister Sameh Fahmy on Thursday said gold ore reserves in one of Egypt's largest mines total 14 million ounces–worth an estimated US$20 billion.
Fahmy said the Sukkary gold mine, located in the eastern desert, could rank among the world's 10 largest gold repositories, after its production recently topped off at eight tons annually.
The mine, a subsidiary of the Australian company Centamin, has produced 3.5 tons of gold since January, the minister added. This year's recorded value is approximately LE670 million. Production is expected to increase to 500,000 ounces annually in coming years.
Investments in the project total around US$420 million. The Sukkary mine provides around 4500 direct and indirect job opportunities.
