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)