Prime Minister Mostafa Madbouly visited the Sukari Gold Mine to discuss operations and future investments. The government aims to modernize the framework for mining, seeking to boost GDP contribution. Plans for a solar power station expansion were also revealed, emphasizing sustainable practices. Executives from AngloGold Ashanti confirmed intentions to increase investments in Egyptian mining, highlighting its potential for new discoveries.
In a notable development for Egypt’s mining landscape, Prime Minister Mostafa Madbouly recently visited the Sukari Gold Mine in Marsa Alam. His meetings included key executives from AngloGold Ashanti, the mine’s co-owner, as well as Minister of Petroleum and Mineral Resources Karim Badawi, geological experts, and parliament representatives. The visit was primarily to discuss ongoing operations and prospective expansions within the mining sector in Egypt.
During his inspection, Madbouly emphasized the government’s commitment to an integrated strategy for mining sector development, which will involve collaboration with parliament. According to the Prime Minister, “Reform and modernization of legislative, financial, and investment frameworks must align with global standards.” This foundational change is envisioned to open up new avenues for investment and enhance the mining sector’s contribution to Egypt’s gross domestic product.
The Prime Minister’s tour included a look at the underground mine operations and he also visited the solar power station at Sukari, which boasts a capacity of 36 megawatts. This facility supplies over 20% of the mine’s energy needs with renewable energy, helping to reduce fuel consumption by 22 million liters per year and cutting carbon emissions by around 60,000 tons annually. Plans are in motion to increase the solar power station’s capacity to 45 MW and facilitate its connection to the national power grid.
Alberto Calderon, CEO of AngloGold Ashanti, expressed the company’s intent to boost investments in Sukari Gold Mine soon. He pointed out that Egypt has “significant potential for discovering additional high-value mining sites” based on past exploration successes, underscoring the country as a key focus for AngloGold’s investment strategy.
Highlighting the importance of a conducive investment climate, Badawi reiterated the government’s active role in fostering an environment that attracts foreign investments into the mining sector. He mentioned the ongoing reforms, including the transition of the Mineral Resources Authority into an economic entity, as critical for enhancing operational efficiency and investor attraction.
Badawi further noted that the Sukari mine stands out as one of Egypt’s leading mining operations. He praised the skills and efficiency of the Egyptian workforce involved, stating the project exemplifies a successful partnership between the Egyptian Mineral Resources Authority and AngloGold Ashanti, recognized as the world’s fourth-largest gold producer.
The inspection of Sukari Gold Mine by Prime Minister Madbouly highlights Egypt’s renewed focus on developing its mining sector. With significant investments on the horizon and a commitment to sustainable energy, the government aims to elevate the mining sector’s contribution to the economy. Reforms and strategic partnerships appear crucial for future success, putting Egypt in a favorable position for further exploration and investment opportunities.
Original Source: egyptoil-gas.com
