Egypt plans national gold refinery to boost domestic industry – PM

Egypt is exploring the creation of a national gold refinery, seeking greater added value of gold in the local market and transforming the country from a raw material exporter into an industrial hub, Prime Minister Moustafa Madbouly said Sunday.

The announcement came during the first meeting of the Supreme Gold Committee, established earlier this month by presidential decree from President Abdel Fattah El-Sisi.

At the session, Madbouly stressed the government’s focus on developing the gold sector, increasing domestic discoveries, and strengthening market governance. He said authorities aim to maximise the sector’s contribution to the economy while building an industrial framework for gold production and trade.

The committee reviewed its responsibilities, which include preparing a strategic plan covering all stages of the gold sector: extraction, refining, purification, casting, manufacturing, and trading. It will also draft the necessary legislation and policy frameworks. It will examine potential partnerships for a national refinery, review the Egyptian Assay and Weights Authority to expand its technical and administrative capacity, and establish mechanisms to curb illegal gold trading.

The planned refinery is expected to purify raw gold to meet international standards for domestic and export markets and could serve neighbouring countries. Three potential sites have been identified, with authorities working to accelerate implementation.

Madbouly instructed the committee’s technical secretariat to prepare detailed presentations on the refinery project, governance of gold trading, development of the Assay and Weights Authority, and relevant legislation for review in upcoming meetings.

Attribution: Amwal Al Ghad English