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 impact local job creation and community development in Egypt’s mining sector?
**Interview with Dr. Ahmed El-Sayed, Egyptian Minister of Mining:**
**Interviewer:** Thank you for joining us today, Dr. El-Sayed. We’re excited to discuss the recent acquisition of Centamin by AngloGold Ashanti and its implications for the Egyptian mining sector.
**Dr. El-Sayed:** Thank you for having me. This acquisition is a momentous step for the mining industry in Egypt, especially at the Sukari gold mine, which has been a focal point for our economic development.
**Interviewer:** Can you elaborate on the significance of this deal for Egypt?
**Dr. El-Sayed:** Absolutely. AngloGold Ashanti’s acquisition of Centamin, valued at £1.9 billion, signals confidence in Egypt’s mining potential. This partnership is not just about ownership; it represents a commitment to enhance infrastructure, technology transfer, and sustainable practices within our mining operations [[1](https://www.msn.com/en-us/money/markets/anglogold-ashanti-gains-jersey-court-approval-for-centamin-buyout/ar-AA1uzU1k)].
**Interviewer:** You mentioned the Sukari gold mine specifically. What aspirations do you have for this site under the new partnership?
**Dr. El-Sayed:** Our goal is to transform Sukari into a cornerstone of the Egyptian economy. We aspire to increase its contributions, aiming for the mining sector to significantly boost GDP. AngloGold Ashanti’s investment will help modernize operations and enhance production capabilities, which is crucial for achieving this vision.
**Interviewer:** How do you envision the strategic partnership developing in the coming years?
**Dr. El-Sayed:** We are focused on creating a long-term partnership that not only improves extraction processes but also uplifts local communities through job creation and skill development. We will also explore collaborative opportunities in other areas of the mining sector to maximize our economic benefits.
**Interviewer:** Lastly, what message do you have for potential investors looking at the Egyptian mining landscape?
**Dr. El-Sayed:** Egypt is open for business, and our government is committed to facilitating a favorable investment climate. The recent developments with AngloGold Ashanti and Centamin are just the beginning. We invite investors to join us in tapping into our rich mineral resources while contributing to sustainable development in the region.
**Interviewer:** Thank you, Dr. El-Sayed, for sharing your insights on this pivotal acquisition and its potential impact on Egypt’s mining sector.
**Dr. El-Sayed:** Thank you for the opportunity. I look forward to seeing how we can all contribute to Egypt’s growth in this sector.
