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 specifically enhance the operations and production at the Sukari gold mine in Egypt?
**Interview with Mr. Ahmed El-Sayed, Egyptian Minister of Mining**
**Editor:** Good afternoon, Mr. El-Sayed. Thank you for joining us today to discuss the exciting developments in the Egyptian mining sector following AngloGold Ashanti’s recent acquisition of Centamin.
**Mr. El-Sayed:** Good afternoon, and thank you for having me. It’s a pleasure to discuss these pivotal developments for Egypt’s mining industry.
**Editor:** AngloGold Ashanti’s acquisition of Centamin is quite significant. How do you see this impacting the operation of the Sukari gold mine specifically?
**Mr. El-Sayed:** The acquisition signals a strong commitment to advancing the mining sector in Egypt. AngloGold Ashanti brings enhanced expertise and resources, which we believe will optimize operations at the Sukari gold mine. This partnership aligns with our goal to unlock the mine’s full potential and increase its output significantly.
**Editor:** You mentioned a strategic partnership during recent discussions. What specific goals do you and your ministry have for this partnership, especially in relation to investment and technology transfer?
**Mr. El-Sayed:** Our primary goal is to foster a collaborative relationship that not only maximizes production at the Sukari mine but also attracts further investments into the broader Egyptian mining sector. We are looking for technology transfers that will allow our local workforce to gain valuable skills and knowledge, which we believe will be a cornerstone for sustainable growth and profitability.
**Editor:** You have also expressed aspirations to increase the mining sector’s contribution to the Egyptian economy. Can you elaborate on what kinds of contributions you envision?
**Mr. El-Sayed:** Certainly. We aim to increase the mining sector’s contribution to our GDP, creating jobs, and stimulating local economies. We’re looking at expanding exploration activities and encouraging foreign investments. The goal is to increase our gold production to attract more international markets and enhance our competitive edge globally.
**Editor:** With AngloGold Ashanti’s investment and the ambitions for the Sukari mine, what timeline do you have in mind for starting to see significant impacts on the Egyptian economy?
**Mr. El-Sayed:** We expect to see initial improvements within the next year, particularly in operational efficiencies at Sukari. However, the broader economic impacts will unfold over the next few years as the mining sector sees sustained growth and development. Our ministry is committed to tracking progress and ensuring this partnership benefits all stakeholders involved.
**Editor:** Thank you, Mr. El-Sayed. This is an exciting time for Egypt’s mining industry, and we look forward to following these developments closely.
**Mr. El-Sayed:** Thank you very much! I appreciate the opportunity to share our vision and look forward to discussing more progress in the near future.