Egypt to establish first large-scale gold refining plant, eyes $9 billion in export
The Gold and Precious Ores Division of the Federation of Egyptian Industries says work on creating the country’s first large-scale gold refining plant has begun.
Chairperson of the division, Ehab Wassef, who announced this, said the facility would comply with international standards and would refine mined gold to the highest, 24-carat purity, Sada El-Balad, a partner of TV BRICS, reports.
The project is being implemented by decision of the country’s Supreme Gold Committee, established with the support of Egypt’s President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly.
The main objective of the project is to strengthen the republic’s position on the international market.
“A refining plant purifies gold extracted from mines and turns it into gold bars suitable for circulation. Egypt already has refining facilities, and each plant has its own gold purification unit,” Mr Wassef explained.
However, the country lacks a single large-scale enterprise.
According to the Federation of Egyptian Industries, the country’s gold exports in 2025 amounted to $7 billion. The target for 2026 is to increase this figure to $9 billion.
In the gold refining sector, Egypt’s main competitor is the United Arab Emirates.
The option of engaging an international marketing company is being considered to promote Egyptian jewellery abroad.
(TV BRICS/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Court remands apprentice for stealing four tubers of yam
Mr Ajibade had pleaded guilty to a two-count charge bordering on felony and stealing.
Diaspora
Canada denies asylum to businesswoman who fears Nigeria over 40% interest to loan sharks
The Nigerian woman claimed she refunded the actual money but was unable to cough up the 40 per cent interest.
World
Trump’s Greenland bid ‘circus’, undermines Ukraine peace efforts, MSC chief says
Mr Ischinger argued that the energy spent on the row should be used to end Russia’s war in Ukraine.
Heading 3
National grid collapses again
Nigerians have been thrown into blackout as the national grid collapses again
Education
NSCDC warns Anambra residents against extorting JAMB candidates
Mr Maku said the command was strengthening its synergy and collaboration with JAMB to ensure a hitch-free registration and examination process.
World
Three dead as icy weather causes accidents, school closures in Germany
In the northeastern state of Lower Saxony, many schools closed on Friday due to the freezing rain and extremely slippery conditions.
