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, through intensifying cooperation and integration, facilitating investment, and supporting mining ore processing industries.
The Minister stressed 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 impact will AngloGold Ashanti’s acquisition of Centamin have on future mining investments in Egypt?
**Interview with Dr. Ahmed El-Sayed, Economic Advisor to the Egyptian Minister of Mining**
**Editor:** Thank you for joining us, Dr. El-Sayed. With AngloGold Ashanti’s recent acquisition of Centamin for $2.5 billion, there’s been a lot of excitement surrounding new investments in Egypt’s mining sector. Can you start by telling us what this acquisition means for Egypt?
**Dr. El-Sayed:** Thank you for having me. This acquisition is a significant milestone for us. AngloGold Ashanti’s investment showcases their confidence in Egypt’s mining potential, particularly in the Sukari gold mine. This deal not only strengthens the mining sector but also aligns with our vision to enhance the sector’s contribution to the national economy, which we aim to increase to 6% in the coming years.
**Editor:** That’s an ambitious goal. How does the Egyptian government plan to facilitate this enhanced contribution from the mining sector?
**Dr. El-Sayed:** We are establishing strategic partnerships with key players in the industry, like AngloGold Ashanti. By collaborating on projects, ensuring regulatory support, and improving infrastructure, we can attract additional investments. Our goal is to create a more robust framework for foreign and local companies, allowing them to contribute to sustainable growth.
**Editor:** During a recent meeting, the Egyptian Minister mentioned aspirations for a strategic partnership specifically in the Sukari mine. What does this partnership entail?
**Dr. El-Sayed:** This strategic partnership will focus on technological advancements, operational efficiencies, and possibly expanding mining operations. By leveraging AngloGold Ashanti’s expertise, we hope to maximize the mine’s yield while adhering to environmental and social governance standards. This collaboration is about creating a win-win scenario for both the investors and the local communities.
**Editor:** what future developments can we anticipate in the Egyptian mining sector as a result of this acquisition?
**Dr. El-Sayed:** We expect to see increased investments flowing into the region, more job creation, and enhanced training programs for our workforce. With AngloGold Ashanti on board, Egypt can emerge as a significant player in the global mining arena. In the next few years, we hope to see tangible benefits reflected in our economy and society.
**Editor:** Thank you, Dr. El-Sayed, for sharing your insights. It sounds like an exciting time for Egypt’s mining sector!
**Dr. El-Sayed:** Thank you for having me. We’re optimistic about the future!
