Head of the Canadian Chamber of Commerce in Egypt Fayez Ezz El-Din said that Canadian companies intend to establish a gold purification plant with investments of $70m.
He told Daily News Egypt that the recent passage of the mineral wealth law is encouraging international mining companies to invest in Egypt, especially Canadian companies, the most important investors in the sector.
Gold is being purified from 67% to 99.9% before entering the market.
Ezz El-Din pointed out that the plant, which will be established in two years, will work to purify gold not only in Egypt, but also in several African countries so Egypt may become a centre for the purification of crude gold.
According to Ezz El-Din, Canadian investments in Egypt amount to about $10bn in several sectors, most notably energy, telecommunications, technology, and mining.
He said Canadian companies are closely monitoring recent economic reforms, particularly in the new and renewable energy sectors.