Egypt’s Oil Min. discusses mining investment with AngloGold Ashanti

Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi met with a delegation from AngloGold Ashanti to discuss efforts to enhance investment in the mining sector.

During the meeting, Badawi highlighted the signing of a new gold and mineral exploitation agreement with AngloGold Ashanti and Barrick Gold at the end of last year. He noted that the final legislative procedures are currently underway in Parliament. This deal is expected to accelerate investment and encourage global companies to introduce advanced mining technologies in Egypt.

In addition, Egypt is set to launch a digital mining platform during the Egyptian Mining Forum in July. This initiative aims to provide insights into available opportunities, further attracting investment in the sector. Simultaneously, the government is working to transform the Egyptian Mineral Resources Authority into an economic entity, thereby increasing investment flexibility.

Badawi also underscored ongoing efforts to maximise mineral resource utilisation in downstream industries while expanding regional and African cooperation. As part of this strategy, he announced the upcoming opening of Egypt’s first mining school in Marsa Alam. Established through the Sukari Gold Mine, the school will play a key role in developing industry expertise.

Meanwhile, Stewart Bailey, AngloGold Ashanti’s Head of Sustainability, described the company’s investment in Sukari as its most significant in two decades. He noted that with $150 million already invested, the company plans to expand its exploration activities in Egypt. Additionally, he commended the country’s regulatory flexibility and infrastructure advancements, which have facilitated further investment.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama