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.

A central highlight of the meeting was the review of a proposed national gold refinery project. The facility will specialize in purifying raw gold to international standards for trading and export.

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.

In conclusion, Madbouly directed the committee’s technical secretariat to prepare detailed presentations on the refinery’s implementation timeline and proposed governance frameworks for gold trading to be reviewed in upcoming sessions.

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. According to an announcement by AngloGold Ashanti, the co-owner of the mine together with the Mineral Resources and Mining Industries Authority(MRMIA), Al Sukari produced 246,000 ounces of gold during the first half (H1) of 2025, up from 225,000 ounces in the same period in 2024.