New Investments in Egyptian Mining after AngloGold Ashanti’s Acquisition of Centamin
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, received today at the headquarters of the Mineral Resources Authority a delegation of officials from the global companies AngloGold Ashanti and Centamin.
New Investments in Egyptian Mining
This meeting comes after AngloGold Ashanti entered the Egyptian mining sector with its investments as a partner to the Mineral Resources Authority in the Sukari Gold Mine, following its recent acquisition of Centamin, which had been investing in the mine.
The meeting included Mr. Marcelo Pereira da Silva, Senior Vice President of AngloGold Ashanti for Latin America and responsible for managing the transition and new partnership; Mr. Martin Horgan, CEO of Centamin Global; and Engineer Amr Hassouna, Executive Director of Sukari Gold Mines and Centamin Egypt.
A number of officials from AngloGold Ashanti Global also attended.
At the beginning of the meeting, the minister welcomed AngloGold Ashanti as a new investor in the Egyptian mining sector.
He expressed his aspiration for a strategic partnership in the Sukari Gold Mine, which enjoys a successful operations system and quality in capabilities, mining opportunities, and human resources.
He praised the application of safety practices, environmental sustainability, and gender diversity in the mine.
The minister affirmed the Egyptian government’s commitment to developing the mining sector and creating an attractive environment for investment in it, providing significant investment opportunities.
He explained that work is currently underway through multiple avenues, in addition to supporting environmental sustainability in the sector’s operations.
He pointed to the importance of the mining sector at the current stage, given its great potential that qualifies it to contribute more to the national economy.
He added that the sector’s contribution currently does not exceed 1%, and there is an opportunity to increase it to between 5-6% in the medium term through intensifying cooperation, integration, facilitating investment, and supporting manufacturing industries for mining ores.
For his part, Marcelo Pereira da Silva affirmed that investing in Egypt is a great opportunity.
He explained, “We seek a successful long-term partnership in the Sukari Gold Mine project, as our business portfolio focuses on long-term projects.”
He pointed out that the Sukari Mine is a massive project, and they look forward to uncovering more potentials in it and more development and growth in Egypt.
He praised the success achieved by Centamin through successful cooperation with the Egyptian Mineral Resources Authority, confirming their keenness on environmental sustainability in mining operations as a significant priority.
Martin Horgan expressed his pride in his period of work in Egypt through Centamin, which witnessed Egypt’s development in the mining sector.
He pointed to Egypt’s promising potentials, stating that with ongoing work and investment in capabilities, the country will be on the verge of a renaissance in the field of mining.
It is noted that AngloGold Ashanti is a global company listed on the New York Stock Exchange and ranks fourth globally among gold-producing companies.
The meeting was attended by Geologist Yasser Ramadan, Chairman of the Mineral Resources Authority; Engineer Moataz Atef, Deputy Minister for the Technical Office and Minister’s Office and official spokesperson; Dr. Mohamed El-Bagouri, General Manager of Legal Affairs at the Ministry; and Accountant Hisham Ali Hassan, the Minister’s Advisor for Company Oversight.
