Qalaa Holdings’ USD 3.7 bn Egyptian Refining Company is expected to begin production in June 2017, said Qalaa co-founder and managing director Hisham El Khazindar. El Khazindar also reported that the refinery will produce 4.6 mn tonnes of refined products per year, an increase from the 4.2 mn tonnes which Qalaa had previously reported, according to Al Shorouk. Qalaa Holdings subsidiary ASCOM is expected to finalize licensing for its gold mining concession in Ethiopia next June, said El Khazindar. It will take 12-18 months to make the mine operational, with full production expected to begin in 2019. He added that ASCOM is also looking to expand its calcium carbonate production. Meanwhile, other exits of non-core subsidiaries are in the works, he said, adding that Qalaa will prioritize repayment of foreign-denominated debt of USD 200 mn to local and foreign lenders in an attempt to reduce its overall liabilities to EGP 4 bn by 2018, from a current EGP 6.5 bn, AMAY reports.