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Wednesday, 8 June 2016

Egypt could be a global gold hub, Alexander Nubia’s CEO says

“We found gold”: Egypt may be the new hub of gold mining exploration, Alexander Nubia’s CEO Mark Campbell tells CNN’s Ian Lee (runtime 04:06). “We’re not doing anything really clever, we’re following where the old timers had gone,” Campbell says, noting that gold exploration has taken place in Egypt’s Eastern Desert for thousands of years. He adds that the company already “found gold,” but did not say whether the quantities were commercially viable or not. The industry has a significant multiplier effect for the economy, Campbell notes, as mining is more labour-intensive than oil and gas. He says currently, mining is “nascent” in Egypt, but the opportunities are “substantial.” Egypt has an advantage over African mining countries as it already has much of the infrastructure requirements and Campbell does not see “a lot of risk” being in Egypt.

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