Egypt ancient gold mines clue country’s untapped deposits
Canadian exploration company Alexander Nubia (CVE:AAN) believes that Egypt is sitting on mineral deposits with hundreds of billions of dollars. The company, which has been developing gold resources in Egypt’s Eastern Desert, says the country’s ancient gold mines hold much promise for today’s miners.
CEO Mark Campbell told CNN: "Using modern mining techniques and technology, we hope to recover a lot of the gold that [the Roman and Egyptian civilizations] missed, because they were unable to mine it and process it."
Most of the country’s geological talent fled the country when President Gamal Abdel Nasser nationalized much of the Egyptian mining industry in 1961 and 1962, and there has not been much development since.
Nuinsco is a Canadian explorer that left Egypt during the 2011 uprising. Its CEO, Paul Jones, is a big believer in Egypt’s mining potential. He compares the Nubian shield rock formation that straddles the Red Sea to the Canadian shield of a century ago, before it "developed the northern part of Quebec and Ontario with tens of millions of ounces of gold, and billions of pounds of copper, zinc, and lead."
Experts believe that, once developed, mining could easily surpass oil as a source of revenue.