The General Assembly of Shalateen Mineral Resources Company
In the presence of the Minister of Petroleum and Mineral Resources, SMRC is witnessing an unprecedented development in revenues and profits during 2023.
Under the auspices and honor of Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources, and headed by Dr. Sherif El-Shahawy, Chairman of the Board of Directors of SMRC, the regular general assembly of SMRC was held for 2023, which witnessed a significant development in the company’s revenues and profits during a year full of achievements and under the auspices of the political leadership and the directives of the Minister of Petroleum and Mineral Resources.
The meeting was attended by Eng. Alaa Khashab, Deputy Minister for Mineral Resources Affairs, Geo. Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA) and Geo. Abdel Majeed Mohamed Abdel Majeed, Vice President of Shalateen Company.
The meeting was also attended by Dr. Mohamed El Bagoury, Director of Legal Affairs at the Ministry, representatives of the Central Auditing Organization, and representatives of shareholders of SMRC.
During 2023, SMRC was able to complete exploration operations in their concessions by drilling 71 RC & DD wells in the Romit area - west of Jabal Elba, with a total length of 10,757 meters, with an initial reserve exceeds 300 thousand ounces, in addition to drilling trenches and collecting samples with a total of 8,647 samples from Malogreem area - Jabal Elba.
The International Bidround No. 1 for 2023 was announced to exploration and exploitation of gold and associated minerals in the areas of Fatiri - El-Barramiya - Atud - Umm Ud and Hangaliya - Hamata. The results of the bid are expected to be announced during this month (June).
Regarding production, the company’s production has grown from 196 to 717 kgs over the past five years. Note that the company’s production is carried out through the Iqat Gold Mines Company and the 32 artisanal mining companies.
The production of various ores (quartz, feldspar, kaolin sand, phosphate) also developed from 21 to 65.6 thousand tons during the past five years.
Referring to the company’s production results during the year 2023, they have developed significantly as follows:
- Increased revenues to 1.228 billion pounds, compared to 1.063, with an implementation rate of 121% and a development rate of 74%.
-Activity costs amounted to 922 million pounds during the year 2023, compared to 538 for 2022, with an improvement rate of 71%.
-Total profit reached 366 million pounds during 2023, compared to 201 in 2022, an increase of 81%.
-The value of net profit is 350 million pounds during 2023, compared to 138 in 2022, with a growth rate of 97%.
-During 2023, regarding sustainable development, the company implemented the instructions of the Minister of Petroleum by starting social responsibility work in the village of Al-Alaqi in Aswan and Shalateen cities, and also cooperating with the Orman Association to support the people and tribes in remote areas.
-The company's management has also established the IT system and the occupational safety and health system. A building attached to the company's main headquarters has also been developed and equipped, in addition to developing the EMRA's historical library.
A laboratory is being established for analyzing samples, melting and calibrating gold, in addition to a residential administrative building in the city of Shalateen to serve the company's employees and the residents of the Shalateen area from Tribes and people.
The company aims with the support of the Ministry of Petroleum and Mineral Resources to increase the company’s production to approximately 10 tons of gold during 2027.
