Badawi, AngloGold Ashanti review investment plans in Egypt's mining sector

Updated 3/20/2025 10:32:00 AM

Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi met with a delegation from the global gold mining company AngloGold Ashanti to discuss investments in the Sukari gold mine, as per a statement.

In his meeting with AngloGold Ashanti’s Chief Sustainability and Corporate Affairs Officer Stewart Bailey, Badawi said they reached a new agreement with AngloGold and Barrick Gold to make use of gold and associated minerals.

He outlined plans to expand investment opportunities in the mining sector, including the launch of a digital platform for mining during the Egyptian Mining Forum next July.

A to-be-launched platform for mining is expected to enable investors to learn about available investment opportunities in the sector.

The minister also highlighted the government’s efforts to transform the Egyptian Mineral Resources Authority (EMRA) into an economic authority. Such a move is aimed at increasing flexibility and facilitating investment in the sector, backing the state's plan to increase its contribution to the gross domestic product (GDP) to 5-6%.

Badawi also announced plans to open a mining school in Marsa Alam, the first of its kind in Egypt.

Located near the Sukari gold mine, this school aims to increase expertise and prepare human capital capable of working in mining activities.

For his part, Bailey pointed out that the Sukari mine is the beginning of the company's work, noting that it seeks to make more discoveries in its concession areas in Egypt.

The company’s total investments in the country to date have reached $150 million, added Bailey.