Cairo – Mubasher: Egypt has made a new commercial gold discovery in the Eastern Desert, the country’s petroleum minister Tarek El-Molla said.

A reserve of more than 1 million ounces of gold has been discovered with planned investments of above $1 billion over the next 10 years, El-Molla added in a statement on Tuesday.

The new discovery is located in the concession area of Shalateen Mineral Resources Co which will create a new joint venture (JV) with the Egyptian Mineral Resources Authority (EMRA) to extract gold and accompanying minerals.