Madagascar: the construction of a gold refinery will be financed by the United Arab Emirates

Upon his arrival, the Malagasy president was told that his hosts wanted to participate in the construction of the gold refinery in Madagascar, 2424.mg reports. It’s no secret that the Big Island’s subsoil is gold, but for decades the exploitation of this resource has only enriched traders and smugglers.

To rationalize operations and limit trade, upon his re-election as head of the country, Andry Rajoelina announced his intention to provide the country with its own refinery. This must be done quickly. It would be operational in 2025.

This good news may not be the only one. The President of the Malagasy Republic was guest of honor of the 13^e investors meeting (IAM), which has been held since Tuesday and until tonight (Thursday, May 9, 2024) in Abu Dhabi (United Arab Emirates).

This cooperation from the UAE is not surprising. This Gulf country, together with China, is Madagascar’s most important gold importer. This refinery will reduce traffic and reduce costs associated with expensive processing in Switzerland or Turkey to obtain 24-carat ingots as required by international standards.

This progress should allow the Big Island to export 15 tons of gold per year. To achieve this goal, the President specifies that industrially and artisanally mined gold will be processed by this facility.

Despite this important news, Andry Rajoelina encouraged the investors present at the opening of the congress to dare to support the Malagasy economy. He explained in detail his intention to develop the tourism sector that will benefit from its unique biodiversity (lemurs, orchids, whales, sea turtles, dolphins, etc.), concludes L’Express de Madagascar.