Egypt announces iron ore discoveries

Egyptian Minister of Industry Solayman Reda said on Friday that there are new iron ore discoveries on southern Aswan.

Speaking while touring the construction of an iron and steel factory in Aswan, Reda said, "The output expected to be annually yielded by the factory amounts to some 2.3 million tons of iron ore. A 50-feddan area is being cultivated to meet the needs of workers in this aggressive project."

The factory is being built at a cost of 3.4 billion Egyptian pounds and is expected to start preliminary operations in March 2001.

Reda said the project will help supply development projects in the South Valley.