Sukari Gold Mine operations unaffected by AngloGold Ashanti’s Centamin takeover: Petroleum Ministry
Updated 9/12/2024 6:54:00 AM
Arab Finance: The Ministry of Petroleum and Mineral Resources confirmed that recent acquisition of Centamin, the sole owner of the Pharaoh Gold Mines, by AngloGold Ashanti will not affect Egypt’s rights or revenues from the Sukari Gold Mine, as per a statement.
The Sukari Gold Mine Company will continue operations without any modifications following the acquisition.
The ministry stated that the provisions of the commitment agreement under Law No. 222 of 1994, which governs the partnership between the Egyptian Mineral Resources Authority (EMRA) and the Pharaoh Gold Mines, will remain unchanged.
The EMRA holds a 50% stake in the Sukari Gold Mine Company, with the Pharaoh Gold Mines owning the other half.
The ministry highlighted that AngloGold Ashanti’s entry into Egypt’s mining sector is a testament to global confidence in the country’s investment climate.
As the world’s fourth-largest gold producer, AngloGold Ashanti’s presence is seen as further proof of Egypt’s success in attracting foreign direct investment.
The ministry anticipates increased interest from other global mining companies in the future.
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