PrPrime Minister, Mostafa Madbouly conducted a site visit to Sukari Gold Mine (SGM) in Marsa Alam, where he met with executives from AngloGold Ashanti,co-owner of SGM, alongside Minister of Petroleum and Mineral Resources Karim Badawi, geological experts, and parliamentary representatives. The visit aimed to follow up work in the mine and review future expansions, and investment opportunities in Egypt’s mining sector.
The government is adopting an integrated approach, in cooperation with the parliament, to implement Egypt’s plan for developing the mining sector, according to the Prime minister who pointed out that reform and modernization of legislative, financial, and investment frameworks in alignment with global standards, lies at the core of this plan.
He highlighted that many agreements have been finalized with major international companies to develop gold and mineral exploitation models, opening up vast opportunities for investment in the mining sector, thereby leading to an increase in the sector’s contribution to the country’s gross domestic product (GDP).
Madbouly inspected the underground mine operations and visited the solar power station at the SGM which has a capacity of 36 Megawatt (MW), and supplies over 20% of the mine’s needs as a clean energy source.
The station helps cut fuel usage by 22 million liters annually and lowers carbon emissions by 60,000 tons per year (tpa). Future plans include expanding its capacity to 45 MW and integrating it into the national grid.
Alberto Calderon, CEO of AngloGold Ashanti, which has a 50 per cent stake in SGM, confirmed the company’s intentions to inject additional investments into SGM in the coming period.
Based on previous exploration successes, Egypt holds significant potential for discovering additional high-value mining sites similar to Sukari, he noted.
Calderon provided an overview of the company’s operations in Egypt alongside its activities across multiple international markets, highlighting Egypt as a top priority for investment.
Badawi reiterated that creating a favorable investment environment for mining remains a top priority. He emphasized Egypt’s ongoing reforms, including the transformation of the Mineral Resources Authority into an economic entity to streamline operations, boost efficiency, and attract foreign investments.
Badawi stressed during the site visit that the Sukari mine is one of Egypt’s most prominent mining projects, given its advanced operational capabilities and Egyptian workforce, who manage and operate it with efficiency.
He noted that Egypt places great importance on this successful mining investment model, which represents a partnership between the Egyptian Mineral Resources Authority and AngloGold Ashanti, the world’s fourth-largest gold producer.
