The General Assembly of Shalateen Mineral Resources Company
The General Assembly of Shalateen Mineral Resources Company was held under the leadership of Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, and in the presence of Engineer Alaa Khashab, Deputy Minister for Mineral Resources, Geologist/ Yasser Ramadan, Chairman of the Mineral Resources Authority and Undersecretary of the Central Auditing Organization, and in the presence of the representatives of the shareholders of the Shalateen Mineral Resources Company and members of the company’s board of directors, on Wednesday 12/07/2023.
Mr. Geologist Sherif El-Shahawy, the company's chairman, reviewed the most important business results for the fiscal year 2022, which represent a remarkable development and an unprecedented growth in the company's revenues and profits for the first time since its establishment in 2012.
His Excellency stressed that the Shalateen Company was able to complete the plan for research, exploration and production of gold with the international code in cooperation with local and international companies within the scope of its work according to Law No. 43 of 2014, amended by Law No. 166 of 2021.
In continuation of the support of the Ministry of Petroleum and Mineral Resources, Laws (163-164-165-166-167-168-169) for the year 2021 were issued on 31/12/2021 authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian Authority for Mineral Resources and the Shalateen Mineral Resources Company for exploration and exploitation of gold and associated minerals in the areas of (Fatiri - Atud – Hangaliya& Umm Oud – Al Barramiya - Hamata - Wadi Allaqi - "Eqat - Gerf - Meisah - Elba - Aswan).
The most important financial indicators achieved during the fiscal year 2022:
The amount of gold production during the year 2022 amounted to 625,348 Kg of gold (24 carat), compared to 301 kg in the planning budget for the year, an increase of 324,348 kg, or 108%, and an increase from last year, by an amount of 327,348 kg, a development rate of 110%, and an implementation rate of 208%.
Gold revenues during the year amounted to 732.807 million pounds, compared to 337.827 million pounds during the previous year, an increase of 394.980 million pounds, or 117%.
Revenues from ongoing activity during the year amounted to 738.753 million pounds, compared to 340.922 million pounds during the year 2021, with an increase of 397.830 million pounds, or 117%.
Activity costs during the year amounted to 537.857 million pounds, compared to 279.267 million pounds during the previous year, an increase of 258.590 million pounds, or 92.5%.
Accordingly, the gross profit amounted to 200.856 million pounds, compared to 61.656 million pounds during the previous year, an increase of 139.240 million pounds, or 225%.
Net profit after tax amounted to 177.306 million pounds, compared to 68.882 million pounds during the previous year, an increase of 108.424 million pounds, or 157%.
Thus, the return on invested capital during the year 2022 will be 29.4%, compared to 15% during the year 2021.
It is worth noting that production during the first quarter of this year 2023 amounted to 216 kg of 999.9-carat gold.
The gross profit during the first quarter amounted to 86.4 million pounds, compared to 56.9 million pounds during the same period of the previous year, an increase of 29.4 million pounds, or 52%.
Net profit after tax amounted to 83.8 million pounds, compared to 49.8 million pounds in the previous year, an increase of 34 million pounds, or 68.4%.
In view of the future plan of the company, the current management has done the following:
- International Bid-round No. 1 of 2023: it was launched on 04/10/2023 for the regions (Fatiri - Atud – Hangaliya & Umm Ud - Al-Barramiya - Hamata), and the closing date of the bid was 08/10/2023.
- Establishment of the Industrial Complex: The approval of the Operations Authority was obtained, and the approval of the Environmental Affairs Agency is currently being obtained to start implementing the industrial complex in the Dehmit area, with the privilege of Aswan, after Enppi completed the engineering designs for the project, and negotiations are underway with the implementation contractors.
- Construction of the (administrative - residential - factory) buildings: Execution is underway through the executive body for industrial and mining projects to establish residential, administrative, and factory buildings in the city of Shalateen, and the implementation rate is 25%.
- Developing the Shalateen Company through the establishment of an integrated quality system.
Regarding the development of the IT system:
In the context of your emphasizing the importance of benefiting from information technology as a strategic element in the project to develop and modernize the mineral wealth sector, to keep pace with the successive developments taking place in the mining industry, whether at the local or global level, and to support the optimal exploitation of Egypt's mineral wealth and move forward towards the speed of digital transformation, Shalateen Company has established and developed the company's information technology system through the following:
Establishing the company's website, through which data packages and booklets of conditions for the international auction were purchased.
Creating an e-mail for the company within the company's website to maintain data confidentiality.
Establishing a data center "Server room" to achieve centralization and confidentiality of data.
Creating an internal network to connect all the company's computers with each other to achieve ease of communication between the company's various departments.
Securing the internal and external network of the company using the latest technology and firewall devices.
Linking the company's branches (Shalateen - Marsa Alam - Aswan - Edfu) to the main headquarters with the latest network systems.
The development of the HSE system:
Realizing from Shalatin Company the importance of the role of occupational safety and in implementation of your directives to manage operations by applying the highest standards of occupational safety and health, Shalatin Company has developed the occupational safety and health system in the company through the company's employees and the use of some expertise from the "Capacity Building Team" at the Ministry of Petroleum and Mineral Resources.
This development represents the following:
Creating a basic policy for occupational safety and health and environmental protection.
Updating contingency plans and sequencing reporting levels.
Forming an evacuation and rescue team of workers and training them in the main center and headquarters.
Inventory of required records according to the requirements of civil protection.
Activating the risk analysis and assessment model.
In view of the future production plan during the period 2023-2027:
Geologist Abdel Majeed Mohamed, Vice Chairman and Managing Director, confirmed that it is planned that the production of the Shalatin Company by 2027 will reach more than 10 tons annually, represented by the production of companies operating with the international code, as well as private mining companies and industrial complexes. (Can be increased in light of the results of exploration operations).
Finally, Shalatin has begun to take steady steps towards achieving its goals of becoming the most valuable gold company in the region, with the best resources managed by a distinguished system to provide the best results.
