CAIRO — Naguib Sawiris is expanding his exposure to Egypt’s gold sector, with In2Metals targeting at least 1 million ounces from one exploration area while bidding for five additional blocks under the government’s open-block licensing system.
Sawiris said In2Metals currently holds four exploration areas and has begun work in two. Early results indicate relatively low grades, but he said the scale of the mineralised zones could still support commercial development if drilling establishes sufficient scale.
The 1-million-ounce figure remains an exploration expectation, not a publicly certified proven reserve. Further drilling, resource definition and feasibility studies would be required before any production decision.
The expansion comes as Egypt accelerates investment across the under-explored Arabian-Nubian Shield. Since June, the government has received 403 offers from 119 companies covering 118 blocks.
If In2Metals secures all five additional areas, its Egyptian portfolio would rise from four blocks to nine.
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