Egyptian Afaq Mining is planning to invest up to US$40 million in gold prospecting and mining over the next three years, said Chairman Amr El-Marsfawy.
He added that the company will invest US$10 million within the coming days to complete research and exploration work in west of Gabal Elba.
The new investments will focus on drilling, research, and exploration operations in west of Gabal Elba, with the aim of making a commercial announcement in Shalateen by July 2025, El-Marsfawy pointed out.
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Afaq Mining, established in 2018, was awarded the concession area od west of Gabal Elba in Halayeb and Shalatin in 2019.
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