Egypt: Altus Strategies aims to accelerate gold exploration, CEO says

By David Whitehouse
Posted on Thursday, 9 June 2022 08:27

The gold producing potential of Egypt's Eastern Desert remains largely unexplored. REUTERS/Amr Abdallah Dalsh

Altus Strategies plans to accelerate its gold exploration strategy in Egypt while considering partnerships to take discoveries towards production, CEO Steven Poulton tells The Africa Report.

Large gold discoveries are on the cards in the next five to ten years in Egypt, Poulton says. Egypt is “the best frontier on the planet for gold exploration.”

Altus is quoted on the London Stock Exchange’s AIM market and Canada’s TSX Venture Exchange. Its strategy focuses on exploration, and Poulton prefers to leave production to partners. Companies which try to do both don’t tend to have the best results, he says.

“Our philosophy is to cover as much ground as possible as quickly as possible. We’d like to make 10 Sukari-type discoveries, not just one.” The Sukari gold mine, the only one in the country in operation, is run by Centamin.