Egypt’s Sukari gold mine to see surge in investment, output

Egypt’s Sukari Gold Mine is set for a significant expansion following AngloGold Ashanti’s acquisition of the former foreign partner and its commitment to increased investment, Prime Minister Mostafa Madbouly said commenting on his visit to the mine adding that the project is equivalent to a small city, with 4,000 direct and indirect jobs, according to a Cabinet statement.

AngloGold Ashanti, now Egypt’s partner, shall invest more than $2 billion over the next decade. The company expects gold production in the next 8 years to exceed output from the past 15 years. Equipment on site is valued at $235 million, reflecting the project’s scale and complexity, the statement said.

Moreover, ongoing exploration in surrounding areas could extend the mine’s life by another ten years. Madbouly said turning the Egyptian Mineral Resources Authority into an economic body would boost exploration in this promising region.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama