Arab Finance: The Ministry of Petroleum and Mineral Resources has signed a draft agreement with the South African mining giant AngloGold Ashanti to explore gold ore, signaling a new phase of investment and cooperation in the country’s gold mining sector, as per a statement.

The announcement was made during a visit by Minister of Petroleum Karim Badawi to London, where he participated in the British Egyptian Business Association (BEBA) mission.

The agreement underscores Egypt’s commitment to fostering a transparent and investor-friendly environment for global partners.

Badawi met with AngloGold Ashanti officials, alongside Moataz Atef, undersecretary of the ministry’s technical office and the ministry’s spokesperson.

AngloGold Ashanti’s officials expressed the company’s intention to inject further investments into the development of the Sukari Gold Mine (SGM) by carrying out more explorations and upgrades.

The talks touched on a key educational initiative: the establishment of a mining school in Egypt to equip local youth with industry-specific skills.

The school, spearheaded by Centamin, is slated to open in September 2025, reflecting a broader push to build local expertise in the mining sector.

Moreover, Badawi encouraged AngloGold Ashanti to participate in Egypt’s upcoming gold exploration bid round, scheduled to be launched in the first quarter (Q1) of 2025.

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