Latest news with #SukariGoldMine
Egypt Today
16-05-2025
- Business
- Egypt Today
Egypt expands Sukari Gold Mine operations as part of national mining strategy
Centamin's Sukari mine in Red Sea governorate - Photo courtesy of Youssef el-Raghy, chairman of Centamin CAIRO – 16 May 2025: The Cabinet's Media Center released a video underscoring the importance of the Sukari Gold Mine, which it described as one of the largest gold mines in the world. The video detailed the mine's ongoing expansion operations in Egypt's Eastern Desert, aimed at increasing the gold reserves. It also emphasized that highly skilled Egyptian technical labor is working around the clock using the most advanced equipment globally to maximize production and ensure the highest quality standards. On Thursday, Prime Minister Mostafa Madbouly conducted an extensive field visit to the Sukari Gold Mine in the Marsa Alam area of the Eastern Desert. During the visit, he reviewed the various stages of gold ore production. The visit came to reflect the government's commitment to supporting and developing the mining sector and encouraging investment in this vital industry. Madbouly stressed the critical importance of the mineral wealth sector in Egypt. He noted the state's dedication to formulating a strategic plan for the development of this sector, under the directives of President Abdel Fattah El Sisi, with the goal of achieving the maximum possible economic return. According to him, a comprehensive roadmap has been established to implement this strategy, focusing on enhancing the performance of the mining sector, utilizing Egypt's diverse mineral resources, and expanding extractive industries.
Egypt Independent
16-05-2025
- Business
- Egypt Independent
Egypt's mining sector attracts foreign partners
MARSA ALAM, Egypt, May 15 (MENA) – Prime Minister Mostafa Madbouly on Thursday described the scale of heavy machinery used in mining operations at the Sukari Gold Mine, valued at approximately $235 million, alongside the two billion dollar investment by AngloGold Ashanti (AGA), as key factors in attracting foreign partners to invest in this highly important sector. Touring the site, he explained that such partners possess both the capacity to fund major operations and the expertise to execute them effectively. The premier noted that his meeting with AngloGold Ashanti officials earlier in the day yielded important outcomes regarding the start of commercial production at the site. Company representatives confirmed that Sukari is among the world's top 20 gold mines and is highly valued due to its favorable extraction conditions compared to other sites. They also revealed that new exploratory operations are underway and that additional reserves have been confirmed. Madbouli stressed the government's commitment to encouraging the entry of more companies like AngloGold Ashanti to further develop the mining sector. He praised the scale and quality of work being carried out at the site and highlighted the CEO's commendation of Egyptian workers and their technical skills. This, he said, motivates the government to introduce incentives to empower more Egyptian talent in this vital industry. The premier thanked all company workers, especially the notable number of women at the site, including the region's first female CEO of a mining and exploration company, who is Egyptian. The accompanying MPs and senators praised the efforts made at the mine, commending the professionalism of operations at every stage of gold production. Managing Director and Vice Chair of Sukari Gold Mining Company Hoda Mansour expressed gratitude to the Prime Minister for being the first in office to visit the site. (MENA)
Middle East
15-05-2025
- Business
- Middle East
OPEN// Egypt's mining sector attracts foreign partners
MARSA ALAM, Egypt, May 15 (MENA) - Prime Minister Mostafa Madbouli on Thursday described the scale of heavy machinery used in mining operations at the Sukari Gold Mine, valued at approximately $235 million, alongside the $2 billion investment by AngloGold Ashanti (AGA), as key factors in attracting foreign partners to invest in this highly important sector. Touring the site, he explained that such partners possess both the capacity to fund major operations and the expertise to execute them effectively. The premier noted that his meeting with AngloGold Ashanti officials earlier in the day yielded important outcomes regarding the start of commercial production at the site. Company representatives confirmed that Sukari is among the world's top 20 gold mines and is highly valued due to its favorable extraction conditions compared to other sites. They also revealed that new exploratory operations are underway and that additional reserves have been confirmed. Madbouli stressed the government's commitment to encouraging the entry of more companies like AngloGold Ashanti to further develop the mining sector. He praised the scale and quality of work being carried out at the site and highlighted the CEO's commendation of Egyptian workers and their technical skills. This, he said, motivates the government to introduce incentives to empower more Egyptian talent in this vital industry. The premier thanked all company workers, especially the notable number of women at the site, including the region's first female CEO of a mining and exploration company, who is Egyptian. The accompanying MPs and senators praised the efforts made at the mine, commending the professionalism of operations at every stage of gold production. Managing Director and Vice Chair of Sukari Gold Mining Company Hoda Mansour expressed gratitude to the Prime Minister for being the first in office to visit the site. (MENA) M S H/R G E
National Post
09-05-2025
- Business
- National Post
AngloGold Ashanti delivers strong start in Q1 2025 YoY: Gold production +22%; AISC* +1%; Free cash flow* rises 607% to $403m; Headline earnings up 671% to $447m; 2025 guidance reaffirmed
Article content LONDON & DENVER & JOHANNESBURG — AngloGold Ashanti plc (2) ('AngloGold Ashanti', 'AGA', the 'Company' or the 'Group') reported a sevenfold increase in free cash flow* and an almost eightfold rise in profit attributable to equity shareholders in Q1 2025 compared to Q1 2024, underpinned by higher gold production (3), effective cost management, and a stronger gold price. Article content Article content The Company generated $403m in free cash flow* (6) in Q1 2025, representing a 607% year-on-year increase from $57m in Q1 2024. This performance was supported by a 28% rise in gold production from managed operations (1)(2)(3) year-on-year, primarily driven by the first-time contribution from the recently acquired Sukari Gold Mine (2) in Egypt and solid output improvements at both Siguiri and Tropicana. The average gold price received per ounce* increased to $2,874/ oz in Q1 2025, up from $2,063/oz in Q1 2024. Article content 'This is a very strong start to the year, particularly at our managed operations (1),' said CEO Alberto Calderon. 'We've seen strong growth in production with the addition of Sukari and our cost control efforts continue to offset inflation, which has ensured that we capture the benefit of the higher gold price.' Article content AngloGold Ashanti remains committed to closing the valuation gap with its North American peers by driving continuous improvements in operating performance, enhancing cash conversion, extending life-of-mine, and maintaining a disciplined approach to capital allocation. The company continues to actively manage its portfolio, with the sale earlier this week of the Doropo and ABC Projects in Ivory Coast as it seeks to sharpen focus on its existing operations and projects in the United States. Article content Under its new dividend policy, AngloGold Ashanti will target a 50% payout of annual free cash flow*, subject to maintaining an Adjusted net debt* to Adjusted EBITDA* ratio of 1.0 times. The new dividend policy also introduced a base dividend of $0.50 per share per annum, payable in quarterly instalments of $0.125 per share. When required, a true-up payment in Q4 of each year will top up the annual base dividend of $0.50 per share to reach the 50% annual free cash flow* target. The base dividend establishes a minimum return, ensuring consistent shareholder payouts throughout commodity price cycles. An interim dividend of $63m or 12.5 US cents per share was declared for Q1 2025 Article content Strong growth in earnings, cash flow Article content Adjusted EBITDA* increased 158% year-on-year to $1.120bn in Q1 2025, from $434m in Q1 2024. Headline earnings (4) rose sharply to $447m, or $0.88 per share, in Q1 2025, compared to $58m, or $0.14 per share in Q1 2024 — an increase of 671% and 529% year-on-year, respectively. Article content The balance sheet continues to go from strength to strength. Adjusted net debt* fell 60% year-on-year to $525m in Q1 2025 from $1.322bn in Q1 2024. The Adjusted net debt* to Adjusted EBITDA* ratio improved to 0.15x in Q1 2025, from 0.86x in Q1 2024. There was approximately $3.0bn in liquidity, including cash and cash equivalents of $1.5bn, at quarter end. Article content Gold production for the Group (1)(2)(3) increased substantially by 22% year-on-year to 720,000oz in Q1 2025, up from 591,000oz in Q1 2024. The strong uplift reflects the first full-quarter contribution of 117,000oz from Sukari, Egypt's largest gold mine, and a notable uplift in consistency and reliability across the legacy portfolio. This broad-based operational strength highlights the Group's success in integrating its newest asset and driving productivity gains across its established operations. Article content The strong result was driven by a strong performance from managed operations (1), partially offset by operating challenges at the non-managed joint ventures. At managed operations (1), gold production rose 28% year-on-year in Q1 2025, while total cash costs per ounce* and all-in sustaining costs per ounce* ('AISC') both decreased 2% year-on-year to $1,213/oz (from $1,232/oz) and $1,657/oz (from $1,692/oz) respectively in Q1 2025 compared to Q1 2024. Meanwhile the non-managed joint ventures experienced challenges related to grades which caused a 17% reduction in gold production leading to a 59% increase in total cash costs per ounce* and a 37% rise in AISC per ounce* in Q1 2025. Article content Year-on-year gold production improvements were achieved for the Group (1)(2) in Q1 2025 at Siguiri (+32koz), Tropicana (+21koz), Cerro Vanguardia (+5koz), Sunrise Dam (+5koz), Geita (+2koz), and a steady contribution from Obuasi, as well as the introduction of Sukari into the portfolio. These increases were partly offset by lower gold production contributions year-on-year in Q1 2025 from Iduapriem (-22koz), Kibali (-13koz), Serra Grande (-11koz) and AGA Mineração (-7koz). Article content Total cash costs per ounce* for the Group (1)(2) increased by 4% year-on-year to $1,223/oz in Q1 2025 from $1,181/oz in Q1 2024, primarily reflecting higher royalty payments and an estimated 5% impact from inflation representing consumer price index (CPI) changes in the jurisdictions in which the Company operates. AISC per ounce* for the Group rose by 1% year-on-year to $1,640/oz in Q1 2025 from $1,620/oz in Q1 2024, driven mainly by a 15% increase in sustaining capital expenditure*, which was largely offset by the benefit of higher gold sales in line with production. Article content The increase in sustaining capital expenditure* reflects the inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with the Company's strategic priorities. Article content Total capital expenditure for Q1 2025 was $336m, up 27% year-on-year from $265m in Q1 2024. This included $236m in sustaining capital expenditure* and $100m in non-sustaining capital expenditure*, the latter directed toward targeted growth and development initiatives across the portfolio. Article content AngloGold Ashanti reaffirms its full-year 2025 guidance. Article content Gold production for the Group (1) is forecast to range between 2.900Moz and 3.225Moz in 2025. Total cash cost per ounce* for the Group (1) is forecast to range between $1,125/oz and $1,225/oz in 2025 and AISC per ounce* for the Group (1) is forecast to range between $1,580/oz and $1,705/oz in 2025. Total capital expenditure for the Group is expected to be between $1,620m and $1,770m in 2025. Article content (1) The term 'managed operations' refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term 'non-managed joint ventures' (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. (2) On 22 November 2024, the acquisition of Centamin plc ('Centamin') was successfully completed. Centamin has been included from the effective date of the acquisition. (3) Includes gold concentrate from the Cuiabá mine sold to third parties in Q1 2024. (4) The financial measures 'headline earnings (loss)' and 'headline earnings (loss) per share' are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ('SEC') applicable to the use and disclosure of Non-GAAP financial measures. (5) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions for 2025 guidance are as follows: $0.65/A$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl. Cost and capital forecast ranges for 2025 are expressed in 'nominal' terms. 'Nominal' cash flows are current price term cash flows that have been inflated into future value, using an appropriate 'inflation' rate. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the SEC. (6) To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow*, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow* is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (e.g., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q1 2024) have been adjusted to reflect this change in reporting. * Refer to 'Non-GAAP disclosure' in the Full Announcement for definitions and reconciliations. Article content Key Statistics Quarter Quarter ended ended Mar Mar US Dollar million, except as otherwise noted 2025 2024 Operating review Gold Produced – Group (1)(2)(3) – oz (000) 720 591 Produced – Managed operations (1)(2)(3) – oz (000) 657 515 Produced – Non-managed joint ventures (1) – oz (000) 63 76 Sold – Group (1)(2)(3) – oz (000) 737 625 Sold – Managed operations (1)(2)(3) – oz (000) 670 552 Sold – Non-managed joint ventures (1) – oz (000) 67 73 Financial review Gold income – $m 1,927 1,138 Cost of sales – Group – $m 1,230 949 Cost of sales – Managed operations – $m 1,124 869 Cost of sales – Non-managed joint ventures – $m 106 80 Total operating costs – $m 833 668 Gross profit – $m 839 302 Average gold price received per ounce* – Group (1)(2) – $/oz 2,874 2,063 Average gold price received per ounce* – Managed operations (1)(2) – $/oz 2,875 2,060 Average gold price received per ounce* – Non-managed joint ventures (1) – $/oz 2,865 2,090 All-in sustaining costs per ounce* – Group (1)(2) – $/oz 1,640 1,620 All-in sustaining costs per ounce* – Managed operations (1)(2) – $/oz 1,657 1,692 All-in sustaining costs per ounce* – Non-managed joint ventures (1) – $/oz 1,463 1,070 Total cash costs per ounce* – Group (1)(2) – $/oz 1,223 1,181 Total cash costs per ounce* – Managed operations (1)(2) – $/oz 1,213 1,232 Total cash costs per ounce* – Non-managed joint ventures (1) – $/oz 1,325 831 Profit before taxation – $m 729 167 Adjusted EBITDA* – $m 1,120 434 Total borrowings – $m 2,213 2,170 Adjusted net debt* – $m 525 1,322 Profit attributable to equity shareholders – $m 443 58 – US cents/share 88 14 Headline earnings (4) – $m 447 58 – US cents/share 88 14 Net cash inflow from operating activities – $m 725 252 Free cash flow* (5) – $m 403 57 Capital expenditure – Group (1)(2) – $m 336 265 Capital expenditure – Managed operations (1)(2) – $m 303 240 Capital expenditure – Non-managed joint ventures (1) – $m 33 25 (1) The term 'managed operations' refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term 'non-managed joint ventures' (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. (2) On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin has been included from the effective date of the acquisition. (3) Includes gold concentrate from the Cuiabá mine sold to third parties in Q1 2024. (4) The financial measures 'headline earnings (loss)' and 'headline earnings (loss) per share' are not calculated in accordance with IFRS ® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ('SEC') applicable to the use and disclosure of Non-GAAP financial measures. (5) To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow*, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow* is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (e.g., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q1 2024) have been adjusted to reflect this change in reporting. * Refer to 'Non-GAAP disclosure' in the Full Announcement for definitions and reconciliations. $ represents US Dollar, unless otherwise stated. Rounding of figures may result in computational discrepancies. Article content AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2025 of 12.5 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply. Article content Additional information for South African resident shareholders of AngloGold Ashanti: Article content Shareholders registered on the South African section of the register are advised that the distribution of 12.5 US cents per ordinary share will be converted to South African rands at the applicable exchange rate. Article content In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows: Article content Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP (as defined below) or broker. Article content To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 28 May 2025 and Friday, 30 May 2025, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 23 May 2025 and Friday, 30 May 2025, both days inclusive. Article content Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 23 May 2025. Article content To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share Article content Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 12.5 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢13.3000, the gross dividend payable per share, is equivalent to ca. ¢1.6625 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. Article content A 'Shareholder of Record' is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A 'Beneficial Owner' is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant ('CSDP'), Shareholder of Record or other agent (sometimes referred to as holding shares 'in street name'). Article content AngloGold Ashanti plc (Incorporated in England and Wales) Registration No. 14654651 LEI No. 2138005YDSA7A82RNU96 ISIN: GB00BRXH2664 CUSIP: G0378L100 NYSE Share code: AU JSE Share code: ANG A2X Share code: ANG GhSE (Shares): AGA GhSE (GhDS): AAD Article content Johannesburg, South Africa 9 May 2025 Article content JSE Sponsor: The Standard Bank of South Africa Limited Article content Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as 'believe', 'expect', 'aim', 'anticipate', 'intend', 'foresee', 'forecast', 'predict', 'project', 'estimate', 'likely', 'may', 'might', 'could', 'should', 'would', 'seek', 'plan', 'scheduled', 'possible', 'continue', 'potential', 'outlook', 'target' or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. Article content This communication may contain certain 'Non-GAAP' financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
Egypt Today
20-03-2025
- Business
- Egypt Today
AngloGold Ashanti Expands Investment in Egypt's Mining Sector
AngloGold Ashanti, a leading global mining company and investor in Egypt's Sukari Gold Mine, is exploring new opportunities for gold discoveries in the country. So far, the company has invested $150 million in Egypt's mining sector. This was discussed during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and a delegation from AngloGold Ashanti. The minister presented the government's strategy to attract more investments by creating a business-friendly environment for the mining industry. Badawi emphasized that the mining sector remains a strategic priority for the government, which is actively working to simplify licensing procedures, enhance investment returns, and establish a competitive regulatory framework. He also highlighted the recent signing of an agreement with AngloGold Ashanti and Barrick Gold for gold and mineral exploration. The initial signing took place at the end of last year, and legislative approvals are nearing completion in parliament, paving the way for finalization. This agreement is expected to bring new investments into the sector and accelerate the adoption of modern mining technologies. To further promote investment, the minister announced plans to launch a digital platform at the upcoming Egypt Mining Forum in July. This platform will provide direct access to investment opportunities, making Egypt a more attractive destination for global mining companies. Badawi also revealed plans to transform the Mineral Resources Authority into an independent economic entity, granting it greater flexibility in working with investors. This shift aims to increase the mining sector's contribution to Egypt's GDP to 5-6% in the near future. Emphasizing the importance of value-added industries, the minister stressed the need to maximize the use of mined raw materials in downstream sectors, such as petrochemicals and advanced technologies. This will create additional economic benefits and strengthen regional cooperation, particularly in Africa. As part of efforts to develop skilled labor, Badawi announced the launch of Egypt's first specialized mining school in Marsa Alam, in collaboration with Sukari Gold Mine. This initiative aims to train professionals for the mining sector, ensuring a sustainable and skilled workforce to support the industry's long-term growth.
