Prime Minister Madbouly Visits Sukari Gold Mine, Discusses Sector Development Plans

Prime Minister Mostafa Madbouly inspected the Sukari Gold Mine, meeting with industry executives to discuss expansions and investment opportunities in Egypt’s mining sector. The government emphasizes reforms and partnerships with international companies to boost contributions to GDP. The mine’s solar power station showcases sustainability efforts, while plans for further investments are on the horizon.

Prime Minister Mostafa Madbouly recently assessed the progress of operations at the Sukari Gold Mine (SGM) located in Marsa Alam. During his visit, he convened with executives from AngloGold Ashanti, a co-owner of the mine, along with Minister of Petroleum and Mineral Resources Karim Badawi and geological experts. This tour was focused on reviewing ongoing operations, future expansions, and investment prospects within Egypt’s mining sector.

Madbouly discussed the government’s integrated approach to advancing the mining sector, highlighting cooperation with parliament. The Prime Minister emphasized the need for reforms in legislative, financial, and investment frameworks to align them with global standards—this will form the backbone of their development plan.

He pointed out that numerous agreements have been established with leading international firms to enhance gold and mineral exploitation models in Egypt. This push for reform promises to unlock significant investment opportunities, potentially boosting the mining sector’s contribution to the nation’s GDP.

During his visit, Madbouly also inspected the underground operations at the mine as well as its solar power station. The station operates at 36 Megawatts (MW) and provides over 20% of the mine’s power needs. This solar initiative significantly reduces fuel consumption by 22 million liters per year while cutting down carbon emissions by 60,000 tons annually. Plans are in place to increase its capacity to 45 MW and connect it to the national grid.

Alberto Calderon, the CEO of AngloGold Ashanti, which holds a 50% stake in SGM, stated the company aims to invest more into the mine soon. He noted Egypt’s considerable potential for discovering additional high-value mining sites similar to Sukari based on previous successful explorations.

Calderon also shared insights about the company’s operations in Egypt and across global markets, underscoring that Egypt is a high investment priority for AngloGold Ashanti. Meanwhile, Minister Badawi reiterated their commitment to fostering a conducive environment for investments in mining. He stressed ongoing reforms, including transforming the Mineral Resources Authority into an economic entity that aims to improve guidelines to attract foreign investments.

Badawi remarked on the Sukari mine’s status as a premier mining project in Egypt due to its efficient operational capabilities and the effective management by the Egyptian workforce. He highlighted the significance of this investment model, which represents a successful collaboration between the Egyptian Mineral Resources Authority and AngloGold Ashanti, the fourth-largest gold producer in the world.

The visit by Prime Minister Mostafa Madbouly to Sukari Gold Mine underscores the Egyptian government’s commitment to advancing its mining sector. The focus on reforms, cooperation with international firms, and sustainable energy initiatives indicates a strong push for growth. With plans for increased investments and operational efficiency, Egypt aims to enhance its global standing in the mining industry.

Original Source: egyptoil-gas.com