In a recent interview with financial analyst Stijn Schmitz, Tonno Vahk, CEO of Aton Resources, outlined the company’s ambitious plans to commence gold production in Egypt as early as late 2026. Vahk, a seasoned investor with a strong track record in the region, expressed confidence in the company’s ability to capitalize on its significant land package and deliver substantial value to shareholders.
“Our plan is to now finalize the feasibility study, which we are doing now, and then start construction of the modular plant,” Vahk stated in the interview. “We expect this to be done by the end of the year, maybe even six months from now, and then start construction of the modular plant, which should be put into operation in the second half of next year.”
Aton Resources, an exploration and development company focused on gold projects in Egypt, has been steadily advancing its flagship Hamama project. The company recently secured a crucial 30-year mining license from the Egyptian government, a significant milestone that paves the way for the development of a gold mine. This license marks the first major gold mining license granted to a foreign company in Egypt in nearly two decades, reflecting the growing interest in the country's mineral potential.
"This is the first gold mining license they have issued to any foreign company in almost 20 years after Centamin got their license," Vahk emphasized, drawing a parallel to the success of Centamin, a major gold producer in Egypt. "We have always thought of ourselves as being capable of building another Sukari," he added, referring to Centamin's flagship Sukari gold mine, one of the largest in the world.
A key aspect of Aton's strategy is the development of a "hub-and-spoke" model. The initial focus will be on the Hamama project, where a small-scale, high-grade gold deposit will be developed into a producing mine. This initial operation will then serve as a springboard for larger-scale production at other promising targets within the company's extensive land package, particularly the high-grade Semna deposit.
"Semna itself is still open width and depth, and we look forward to doing more drilling there," Vahk stated, highlighting the significant exploration potential that remains within the company's portfolio.
Aton's success hinges on a strong partnership with the Egyptian government. The company operates under a 50/50 profit-sharing agreement, a structure that aligns the interests of both parties and fosters a collaborative approach to development.
"Them being 50% equity partners in this joint venture means that any permits they need to give are they giving them to themselves," Vahk explained, emphasizing the streamlined regulatory environment facilitated by the government's direct involvement.
While the company faces the challenges inherent in any mining project, including securing financing and navigating the complexities of operating in a developing country, Aton Resources has demonstrated a strong commitment to its exploration and development goals. With a seasoned management team and a robust project pipeline, the company is well-positioned to capitalize on the growing interest in gold and the improving investment climate in Egypt.
Watch the full interview:
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