Egypt’s Faltering Hope of Production and Export of Gold

Source: Egyptian Institute for Studies

Author(s): Ahmed Zikrallah

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Minister of Supply and Internal Trade Dr. Ali Moselhi’s announcement to replace the traditional gold stamp with a new laser stamping within a one-year transitional period, has raised many questions, given that this announcement came a few days after the Minister of Petroleum Tarek El-Molla announced establishment of the first approved Egyptian gold refinery in the region, in the Eastern Desert’s Marsa Alam area.

At the macro level, several questions were raised about the fate of the government’s ambitions to produce and export gold, especially after the amendments to the Mineral Resources Law and the issuance of its executive regulations more than two years ago, as well as bids offered to foreign investors.

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