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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What measures are being taken to ensure that local communities benefit from the mining activities at the Sukari gold mine?
**Interview with Dr. Ahmed El-Sayed, Egyptian Minister of Mining**
**Editor:** Thank you for joining us, Dr. El-Sayed. The recent acquisition of Centamin by AngloGold Ashanti for £1.9 billion has caught a lot of attention. Can you share how this acquisition impacts the Egyptian mining sector, particularly the Sukari gold mine?
**Dr. El-Sayed:** Thank you for having me. The acquisition of Centamin by AngloGold Ashanti is indeed a significant milestone for the Egyptian mining industry. Centamin has been a key player in our mining sector, particularly with the Sukari gold mine, which is the largest in Egypt. With AngloGold’s resources and investment capability, we anticipate enhanced operational efficiencies and increased production rates at the mine.
**Editor:** That sounds promising. You mentioned operational efficiencies. Can you elaborate on what specific improvements you expect?
**Dr. El-Sayed:** Certainly. AngloGold brings extensive experience in mining operations, technological advancements, and expertise in optimizing production. We expect them to implement better mining practices, which may lead to increased gold yields and reduced environmental impacts. This aligns with our goals to ensure sustainable mining practices in Egypt.
**Editor:** In your recent meeting with AngloGold’s leadership, you expressed a desire for a strategic partnership at the Sukari mine. What does that entail?
**Dr. El-Sayed:** A strategic partnership means working closely with AngloGold to enhance investment in the Sukari mine and the surrounding infrastructure. We aim to increase local community benefits, create jobs, and ultimately raise the mining sector’s contribution to the Egyptian economy. Our goal is to elevate this sector to account for a larger share of our GDP, which currently sits at a modest level.
**Editor:** Speaking of local community benefits, how do you ensure that the local population reaps the rewards from these mining activities?
**Dr. El-Sayed:** It’s crucial for us that as we grow the mining sector, we also enhance social responsibility initiatives. We are looking at mechanisms to involve local communities in decision-making processes, offer job training programs, and ensure that a portion of the profits is reinvested into local infrastructure and services. It’s about creating a win-win scenario.
**Editor:** With AngloGold’s commitment, what’s next for the Egyptian mining landscape as a whole?
**Dr. El-Sayed:** We are optimistic about the future. The influx of investment from major players like AngloGold can act as a catalyst for more companies to enter the Egyptian market. We are actively creating a more investor-friendly environment, which we hope will attract both domestic and international investors to explore our rich mineral resources.
**Editor:** Thank you for your insights, Dr. El-Sayed. It’s exciting to hear about the potential growth in Egypt’s mining sector and the strategic plans moving forward.
**Dr. El-Sayed:** Thank you! We are looking forward to a bright future for mining in Egypt and appreciate the support and interest from the global community.
