Egypt's First Gold Bar Has Gone Into Circulation

Egypt’s first-ever gold bar went into circulation this week. The gold bars are made by the Shalateen Mining Company, and are produced using ore from the Iqat gold mine.

The Iqat mine was established in Egypt’s Eastern Desert in 2020, after a governmental business discovered a cache of gold there.

Despite having a wealth of gold mines scattered around the country, the Iqat mine - which holds a modest estimate of 36,000 kilograms of gold - is the first to produce a gold bar. By comparison, the El Sukari mine holds a staggering 425,250 kilograms of gold.

The bars are currently available for purchase.