AFAQ Mining is planning to invest US$146 million ($209.2 million) over four to five years following the discovery of a 305,000-ounce gold deposit at the West Gabal Elba concession in Egypt’s southeastern desert.
At the Egypt Mining Forum, held on 28–29 September, AFAQ Mining Chairman Mostafa Elbahr told Reuters the investment will be used for further exploration and an initial production facility. The spending and production have not yet occurred.
Shanghai Metals Market (SMM) reports the disclosure adds a prospective source beyond the Sukari Gold Mine, which currently dominates Egypt’s modern gold output. It also supports the Egyptian Government’s ambition to lift national production to 800,000 ounces per year by 2030, from roughly 500,000 ounces at Sukari.
Sukari is jointly owned by AngloGold Ashanti (NYSE:AU) and the Egyptian Mineral Resources and Mining Industries Authority. The mine had an attributable mineral reserve of 2.36 million ounces of gold as of the end of 2025 and has been in operation since 2009.
AFAQ Mining’s West Gabal Elba concession comprises the Romeit Project and the Hamida prospect.
Romeit is located within the Arabian-Nubian Shield — a region renowned for hosting numerous historical gold deposits and mineralised systems. To date, 39,277m of reverse circulation and diamond drilling has been completed.
Hamida is an emerging exploration target within the West Gabal Elba concession area. Around 4,515 surface samples have been collected, mineralised corridors have been identified, and alteration zones have been delineated.
AFAQ Mining is a privately held mining and exploration company that holds rights to explore and develop an area of 510km2 in the Eastern Desert of Egypt.
Write to Aaliyah Rogan at Mining.com.au
Main image: AFAQ Mining
