The Ministry of Petroleum and Mineral Resources (MoPMR) commented on the acquisition of Centamin, the sole owner of the Pharaonic Gold Mines Company, by AngloGold Ashanti. The Pharaonic Gold Mines Company is a partner of the Egyptian Mineral Resources Authority (EMRA) in the Sukari gold mine.

MoPMR clarified that the acquisition will not affect the Egyptian state’s rights or revenues from the Sukari mine. The provisions of the commitment agreement, issued under Law No. 222 of 1994, remain fully in effect and continue to govern the relationship between EMRA and the Pharaonic Company.

Sukari Gold Mines Company will remain the joint venture and operating company as is without any change.

The Sukari mine is managed by the Sukari Gold Mines Company as the operating company in accordance with the provisions of the concession agreements. Whereas Sukari Company is a joint venture company with a 50% share for EMRA and a 50% share for the Pharaonic Gold Mines Company. Accordingly, this acquisition does not have any impact on the operating company.

The presence of AngloGold Ashanti, which is globally ranked fourth in the classification of gold producing companies, to work and invest in the Egyptian mining sector is a global testimony to the confidence of international companies in the investment climate in Egypt and conclusive evidence of the success of the state’s policy in attracting foreign direct investment.