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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How might the acquisition of Centamin by AngloGold Ashanti influence future investments and technology transfer in the Egyptian mining sector?
**Interviewer:** Thank you for joining us today to discuss the recent acquisition of Centamin by AngloGold Ashanti and its implications for the Egyptian mining sector. To start, could you provide an overview of why AngloGold Ashanti decided to acquire Centamin?
**Guest:** Thank you for having me. The acquisition of Centamin by AngloGold Ashanti, valued at £1.9 billion, is a strategic move to enhance their footprint in gold production, particularly in Egypt. Centamin is known for its operations at the Sukari gold mine, which is the largest gold mine in Egypt and has substantial reserves. By acquiring Centamin, AngloGold Ashanti significantly increases its production capabilities and geographic diversification into a region that has shown promise for mining investments [[1](https://finance.yahoo.com/news/anglogold-ashanti-gains-jersey-court-170300196.html)].
**Interviewer:** That’s an interesting point. How do you see this acquisition impacting the Egyptian mining sector specifically?
**Guest:** The acquisition is expected to bring in not just capital but also technology and expertise that AngloGold Ashanti has developed over the years. This is crucial as the Egyptian Minister of Mining recently expressed a desire for a strategic partnership in the Sukari mine to enhance its operations. The hope is that increased investment will elevate the mining sector’s contribution to the Egyptian economy significantly, potentially reaching up to 6% of GDP [[1](https://finance.yahoo.com/news/anglogold-ashanti-gains-jersey-court-170300196.html)].
**Interviewer:** The goal of expanding the mining sector’s contribution to the economy is quite ambitious. What are the challenges you foresee in achieving this?
**Guest:** There are several challenges. First, regulatory frameworks and bureaucratic processes can sometimes hinder the speed of operations. Additionally, ensuring sustainable and environmentally friendly practices in mining is vital, especially given global concerns about environmental impacts. AngloGold Ashanti’s experience could help navigate these challenges. However, it will be important for them to align with local expectations and regulations to build a successful and mutually beneficial relationship with the Egyptian government and local communities [[1](https://finance.yahoo.com/news/anglogold-ashanti-gains-jersey-court-170300196.html)].
**Interviewer:** Thank you for shedding light on these important issues. As this partnership develops, we’ll be monitoring its progress closely. Your insights have been invaluable.
**Guest:** Thank you, it’s been a pleasure discussing this timely topic.