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Egypt’s back on gold production map after loosening mining regulations

The gold industry in Egypt has recently witnessed a boom after the Egyptian government amended mining regulations to attract foreign investors, while President Abdel Fattah al-Sisi plans to build a jewelry-making city.
Egyptian workers manipulate mineral samples from a gold mine at Marsa Alam, in the Red Sea hills, 14 September 2006. After a 2,000-year lapse, Egypt is looking to acquire a gold-mining industry again by reviving ancient deposits of the precious mineral that symbolised the glory of the Pharaohs. AFP PHOTO/KHALED DESOUKI (Photo credit should read KHALED DESOUKI/AFP via Getty Images)

CAIRO — Egypt's gold and jewelry exports have risen sharply in 2020, generating huge revenue for the country as it prepares to build its first jewelry-making city. The boom in gold production came after amendments to mining regulations two years ago, paving the way for more investments in this precious metal.

Gold, jewelry and gemstones exports increased during the first nine months of 2020, achieving a revenue of $2.444 billion, compared to $ 1.392 billion during the same period in 2019, a growth rate of 76%, according to the latest data released by Egypt’s Export Council for Building Materials, Refractory and Metallurgy Industries.

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