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Egypt to build first certified gold refinery

The government of Egypt has announced plans to build its first gold refinery. Tarek al-Mulla, Minister of Petroleum and Mineral Resources the move will boost mining sector in the country.

Scope of work

The gold refinery will sit in the Marsa Alam area in the Eastern Desert. Estimated to cost US $100M, the project will help finalize the value chain for gold production by maximizing the local content. Mulla further explained that the vision for developing the mining sector aims to increase its contribution to the gross domestic product from about half a percent now to five percent within the next two decades. It will also provide a large number of job opportunities and maximize mining activities by issuing more than two hundred exploration licenses annually.

Egypt has one gold mine in operation, Centamin’s Sukari, in the eastern desert region which currently contributes up to $900 million a year to the Egyptian economy. The country in general is home to a wealth of mineral resources including gold, copper, silver, zinc, platinum and a number of other precious and base metals. These resources all lie beneath Egypt’s Eastern desert and the Sinai Peninsula, both part of a geological setting known as the Arabian-Nubian shield. With an estimated 6.7 million ounces of gold, 48 million tons of tantalite (fourth largest reserves in the world), and 50 million tons of coal, Egypt has the potential to be one of the top mining jurisdictions in the world.

 

 

 

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