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 will AngloGold Ashanti’s acquisition of Centamin influence mining regulations and practices in Egypt?
**Interview with a Mining Industry Expert on AngloGold Ashanti’s Acquisition of Centamin and Its Impact on the Egyptian Mining Sector**
**Interviewer:** Welcome! Today, we have the pleasure of speaking with Dr. Sarah Thompson, a mining industry expert, to discuss the recent acquisition of Centamin by AngloGold Ashanti and its implications for the Egyptian mining sector. Thank you for joining us, Dr. Thompson.
**Dr. Thompson:** Thank you for having me! I’m excited to discuss this important development.
**Interviewer:** First off, could you give us an overview of what this acquisition means for AngloGold Ashanti and Centamin?
**Dr. Thompson:** Certainly! AngloGold Ashanti has recently secured court approval for the acquisition of Centamin, which is expected to bolster its operations in the gold mining sector. This partnership is particularly significant as it takes effect following the registrar’s confirmation on November 22, 2024 [[1](https://finance.yahoo.com/news/anglogold-ashanti-secures-court-approval-122847105.html)]. Centamin has been heavily involved in the Sukari gold mine in Egypt, and with this acquisition, AngloGold Ashanti aims to invest further in the mining infrastructure there.
**Interviewer:** Speaking of investments, can you elaborate on the Egyptian government’s interest in this partnership?
**Dr. Thompson:** The Egyptian government is keen on increasing the mining sector’s contribution to the national economy. During discussions, the Egyptian Minister has voiced aspirations for a strategic partnership in the Sukari gold mine, envisioning enhanced collaboration that could significantly uplift investment levels and boost local economies [[1](https://finance.yahoo.com/news/anglogold-ashanti-secures-court-approval-122847105.html)]. The goal is to enhance the mining industry’s role as a driver of economic growth, which is particularly relevant given Egypt’s rich geological resources.
**Interviewer:** What challenges do you think this partnership might face moving forward?
**Dr. Thompson:** Like any significant investment, there are challenges ahead. Some of these include navigating regulatory frameworks, ensuring sustainable mining practices, and addressing local community concerns regarding environmental impacts. Additionally, AngloGold Ashanti must integrate Centamin’s operations seamlessly and engage with stakeholders consistently to ensure long-term success. The dynamic between foreign investment and local community impact will be crucial as they move forward.
**Interviewer:** That’s insightful, Dr. Thompson. Before we wrap up, what do you anticipate for the future of the Egyptian mining sector with this acquisition?
**Dr. Thompson:** I believe this acquisition could herald a new era for the Egyptian mining sector. If managed effectively, it could attract other investors, enhance technological advancement, and create job opportunities. Ultimately, strengthening the mining sector could play a pivotal role in diversifying Egypt’s economy and increasing its global competitiveness in mineral exploitation.
**Interviewer:** Thank you for your valuable insights, Dr. Thompson. It’s clear that this acquisition is a significant step for both AngloGold Ashanti and the Egyptian mining sector.
**Dr. Thompson:** Thank you! I look forward to seeing how this partnership evolves and its impact on the industry.
**Interviewer:** And thank you to our audience for tuning in. We’ll keep you updated on any further developments in this story.