Tariq El-Mulla, Minister of Petroleum and Mineral Resources, affirmed that Egypt seeks to establish the first gold refinery in Marsa Alam in the Eastern Desert at an expected cost of $100 million, whereas the value of the first phase stands at $30 million.
The project aims to maximize the added value of gold resources and complete the value chain for manufacturing the metal.
El-Mulla highlighted that the ministry works to encourage foreign investments and the national private sector to invest in developing the first gold refinery.
He also underlined the ministry’s intention to create a company in order to establish and manage a gold refinery, which will be offered to investors to participate.
In the same vein, the minister referred to the structural development of the mining sector, as well as the support of the mining authority to deal with foreign companies and major investments. He also underscored the authority’s transformation into an economic body, not a service one, to be able to lift restrictions and expand powers.
Furthermore, El-Mulla revealed that the ministry inked contracts with 7 international firms to work for the first time in Egypt, in addition to foreign companies to explore gold.
He mentioned that the national product from mining was not more than 0.50% until it reached about 5%, adding that there are strategies for extraction, work, and operation for all mining industries, not just gold, to add value and not to export materials in raw form.
Follow the latest news on Google News
