gold digger

Egypt: Planned gold refinery inches industry closer to revival

By Sherif Tarek

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Posted on February 3, 2022 11:29

Liquid gold is poured to form grains at Swiss refinery Metalor in Marin
Liquid gold is poured to form grains at Swiss refinery Metalor in Marin near Neuchatel, Switzerland July 5, 2019. REUTERS/Denis Balibouse

Amended legislation has attracted gold exploration investments in Egypt, which is also working on building its first refinery. Speculation abounds on a brighter future for the Egyptian gold industry, whose deterioration was brought on by different issues that have lingered for decades.

In recent years, Egyptian authorities have been seeking to resuscitate the mining industry, with the aim of increasing its GDP contribution to 5% within the next two decades – a ten-fold rise that is almost equivalent to one-fifth of the current input from oil and gas.

During a recent consultative meeting on mining and mineral resources in Saudi Arabia’s capital Riyadh, the Egyptian minister of petroleum and mineral resources, Tarek el-Molla, revealed that Egypt has already taken steps towards building its first-ever gold refinery.

During an interview with Bloomberg Asharq on January 12, the minister said the project – whose overall cost is estimated to be $100m – is yet to get underway. The company that will be managing the refinery is still being established.

When pressed for a deadline, petroleum ministry spokesperson Hamdy Abdel Aziz tells The Africa Report that no timeframe is

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