Egypt is developing the country’s mining industry by establishing a gold refinery in the eastern desert region, the Petroleum Minister, Tarek El-Molla, announced yesterday.

“Work is underway to implement the first approved gold refinery in Egypt in the Marsa Alam area, in the eastern desert, to maximise the added value of gold resources and to complete the value chain for gold production,” El-Molla said during the eighth consultative meeting of Arab mining and mineral resources in the Saudi capital Riyadh.

He explained that the move was part of the government’s “ambitious programme to develop its mining industry based on Egypt’s Vision 2030,” adding that the government was considering an “optimal exploitation of natural resources as one of its most important goals.”

“The programme developed by the petroleum ministry had succeeded in implementing comprehensive reforms to advance the Egyptian mining system after studying all local and international challenges,” the minister pointed out.

The minister noted that there were “opportunities to take advantage of Egypt’s location and the geological nature as part of the Arab-Nubian Shield,” pointing to the need to attract real investment through controlling the legislative system.

READ: Huge debt and a shrinking private sector marked Egypt’s economy in 2021

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