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Egypt discovers gold deposit in southeast -ministry

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06/30/2020 | 04:22am EDT

Egypt has discovered a gold deposit in the southeast of the country containing more than 1 million ounces, the petroleum ministry said on Tuesday.

The deposit lies in the concession area of the Shalateen Mining Company, the ministry said in a statement, adding that there could be investments exceeding $1 billion over 10 years to exploit the deposit.

(Reporting by Ehab Farouk; writing by Ulf Laessing; editing by Jason Neely)

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