Karr shows mineral formations inside an abandoned gold mine once exploded by the British, in Egypt’s eastern desert.
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Off the off-road tracks deep in Egypt's eastern desert, prospectors are ramping up the hunt for the treasure once revered by the Pharaohs as the "skin of the gods" – gold.In most other countries, taxes levied on companies in the mining sector range from 25 to 50 percent.The exception is the Sukari mine, Egypt's only modern mining operation, which has consistently increased its profits in recent years. Built over another ancient gold mining site further to the south, the company that runs it, Centamin, has seen its share price grow by over 60 percent since the beginning of the year, buoyed by rising gold prices and a 15.7 percent increase in production in the first quarter compared to last year. Still, the players involved in mining today are decidedly upbeat. Both Campbell and Centamin's chairman, Josef al-Raghy, envision a future where new mines could sprout up all over Egypt.
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