Egypt's Iqat mine produces first gold bar after 2020 discovery

The first gold bar made from ore mined at Egypt’s Iqat gold mine was released into circulation on Tuesday.

A state-owned company discovered a large gold deposit in Egypt’s Eastern Desert in 2020, which became the site of the Iqat mine.

It holds an estimated total of 1.3 million ounces, or about 36,000 kilograms.

Shalateen Mining was formed in 2012. After the discovery at Iqat, it became the third national company working in gold mining and exploration.