Editor’s Note
This article outlines Egypt’s strategic pivot, led by a new high-level committee, to develop a domestic gold industry and move beyond raw material exports.
Prime Minister Mostafa Madbouly has chaired the first meeting of the Supreme Committee for Gold, outlining a strategic shift to transform Egypt from a raw gold exporter into a global industrial hub, according to a Cabinet statement. The committee, established this month following a decree by President Abdel Fattah El-Sisi, aims to maximize the value added of Egypt’s gold sector across all stages, including extraction, purification, and manufacturing.
During the meeting, Madbouly emphasised that the government is working to regulate the market and intensify exploration activities to boost national gold reserves.
Madbouly noted that the project is part of a broader strategy to support mining value chains and curb the illicit trade of precious metals. The Cabinet’s official spokesperson, Mohamed El Homosany, stated that the committee is currently evaluating three potential locations for the refinery.
The meeting was attended by key officials, including Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Hassan Abdalla, Governor of the Central Bank of Egypt (CBE); and Karim Badawi, Minister of Petroleum and Mineral Resources.
Egypt’s push to establish a national gold refinery is not the only strategic step the nation has taken toward developing its mineral wealth. The Ministry of Petroleum and Mineral Resources (MoMPR) has recently awarded multiple exploration blocks to global majors, including Barrick Gold and Centamin, to unlock the potential of the Eastern Desert further. This initiative aligns with Egypt’s objective of leveraging the Arabian-Nubian Shield, an under-explored mineral frontier.
The Sukari Gold Mine remains the nation’s flagship producer and continues to demonstrate strong growth.
