AngloGold Ashanti recently acquired Centamin, which was investing in the mine, and pumped new investments into the Egyptian mining sector.
During the meeting, the Egyptian Minister expressed his aspiration for a strategic partnership in the Sukari gold mine, and to increase the mining sector’s contribution to the Egyptian economy to up to 6 times its current contribution.
Badawi pointed out that the mining sector has great potential that makes it eligible for a greater contribution to the national product, similar to the experiences of many countries, explaining that its current contribution does not exceed 1% of the Egyptian national product, while there is an opportunity to increase it to between 5-6% over the years. In the medium term, by intensifying cooperation and integration, facilitating investment, and supporting mining ore processing industries.
The Minister affirmed the Egyptian government’s commitment to developing the mining sector, creating an attractive environment for investment in this sector, and providing great investment opportunities.
According to the statement, Marcelo Pereira da Silva, First Vice President of AngloGold Ashanti for the Latin America region, confirmed that investing in Egypt is a “great opportunity,” and that the company is seeking a successful long-term partnership in Egypt with the Sukari mine project.
Anglo Ashanti Gold Company, listed on the New York Stock Exchange, ranks fourth in the world in the classification of gold producing companies, and acquired about 83.6% of Centamin Company, which operates the Sukari mine, for $2.5 billion last month.
The Sukari mine has produced 5.8 million ounces since the start of work, while the mine’s production in 2023 will reach about 470 thousand ounces of gold.
Centamin Mining Company stated last March that the mine is heading to produce about 500,000 ounces of gold annually on an ongoing basis in the long term, with the end of a reinvestment program this year.
Source: RT
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How does Egypt plan to position itself as a competitive destination for foreign investment in mining, considering the global demand for gold and other minerals?
**Interview with Dr. Ahmed El-Fouly, Egyptian Minister of Mining**
**Interviewer**: Thank you for joining us today, Dr. El-Fouly. We recently learned about AngloGold Ashanti’s acquisition of Centamin for $2.5 billion. How do you view this move in the context of Egypt’s mining industry?
**Dr. El-Fouly**: Thank you for having me. The acquisition of Centamin by AngloGold Ashanti is a significant development for the mining sector in Egypt. Centamin has been a key player in the Sukari gold mine, which is the country’s largest gold producer. This acquisition not only secures investment in the mine but also enhances our position as a major gold producer in the global market.
**Interviewer**: You mentioned the Sukari gold mine. Can you elaborate on the plans for this mine and the envisioned strategic partnership with AngloGold Ashanti?
**Dr. El-Fouly**: Absolutely. Our goal is to foster a strategic partnership that maximizes the mine’s potential while also ensuring that the benefits flow back to the Egyptian economy. We aim to increase the mining sector’s contribution to the economy significantly. With AngloGold Ashanti’s expertise and resources, we are optimistic about enhancing operational efficiency and expanding our production capabilities at Sukari.
**Interviewer**: In terms of economic impact, what do you expect the increased investments to bring to Egypt?
**Dr. El-Fouly**: We anticipate that increased investments in the mining sector will lead to job creation, infrastructural development, and an overall boost to local economies. Our target is to raise the mining sector’s contribution to the national economy, and partnerships like this are vital to achieving that goal. This move could potentially transform the sector, contributing to broader economic development initiatives in the region.
**Interviewer**: It sounds promising. Are there any specific initiatives underway to attract more foreign investment in Egypt’s mining sector besides this partnership?
**Dr. El-Fouly**: Yes, we are actively working on improving our regulatory framework to make investing in Egypt’s mining sector more attractive. This includes simplifying processes and increasing transparency. We are also promoting Egypt as a mineral-rich country with vast untapped resources, which I believe will attract more foreign investments in the near future.
**Interviewer**: Thank you, Dr. El-Fouly, for sharing these insights. It’s an exciting time for Egypt’s mining sector.
**Dr. El-Fouly**: Thank you! We are committed to ensuring sustainable and mutually beneficial developments in our mining industry.
