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First gold factory to be established in Egypt Power & Materials    1/4/2010 11:42:00 AM CAIRO, Jan 4 (KUNA) -- The first factory manufacturing gold in Egypt will be established in Jabal Al-Sokaty, in the Eastern Desert, announced Egyptian Minister of Petroleum Sameh Fahmy, pointing out that the factory will officially open in February. In an interview with Egyptian TV last night, he said production will reach 200,000 ounces of gold within a year, and 500,000 within two years. Fahmy stressed that the governorates of Upper Egypt "Saeed" are now capable of playing an important role in the comprehensive development of the country, with their rich metals and petroleum resources. He added the eastern and western deserts are perfect areas for establishing such factories. Highways and hotels projects are to be executed in the Saeed governorates all the way to the Red Sea, in addition to a gas production project which would contribute to the establishment of new residential areas as it offers job opportunities and new source of energy. Fahmy also noted that the gas project will be feeding the governorates of Al-Wadi Al-Jadid and Marsa Matruh, and would meet the domestic needs of gas all over the country, denying rumors of a hike in the prices of Gasoline and diesel. He said consumption of Diesel reached 12 million tons in 2009, while Gasoline consumption reached five million tons, which is double the consumption five years ago. The tension between Egypt and Algeria, following the football match in the qualifications of the 2009 World Cup, did not disturb the cooperation between the two countries in the field of gas production, the official also pointed out, adding that Egyptian officials are invited to visit Algeria next April to attend a meeting of the Gas Exporting Countries Forum.(end) nwr.lb KUNA 041142 Jan 10NNNN. Still following this little story, though now considered a small shareholder. =( Cheers all!