°®Âþµº

has discovered a deposit estimated at more than one million ounces in the country's southeast, the petroleum ministry said Tuesday.

"The discovery .... is worth over $1 billion in investments over the next 10 years," the ministry said in a statement.

The deposit was found in the mineral-rich Eastern Desert on a mining concession run by the state-owned Shalateen Mining Company.

Cairo issued new mining regulations at the start of the year in a move that aims to attract foreign companies. 

Canadian firm Aton Resources secured an Egyptian mining licence in February -- the first issued in a decade.

Follow us on ,  and  to stay connected