Egypt has announced a commitment to a comprehensive approach to reforming the mining sector. Prime Minister Mostafa Madbouly revealed the plans during a field visit to the Sukari Gold Mine (SGM) in Marsa Alam, accompanied by Petroleum and Mineral Resources Minister Karim Badawi, AngloGold Ashanti executives, geologists, and members of Parliament.
The visit was part of the government’s broader strategy to follow up on ongoing mining operations and explore future expansion and investment prospects in Egypt’s growing mining sector. Madbouly highlighted there is a collaboration with Parliament to modernize legislative, financial, and investment frameworks in line with international best practices. He stressed that these reforms are central to attracting global investments and enhancing the sector’s contribution to Egypt’s GDP.
He noted that Egypt has finalized several agreements with major global companies to enhance gold and mineral extraction models, creating substantial investment opportunities. As part of the site visit, the Prime Minister inspected underground mining operations and toured the mine’s solar power plant, which supplies over 20% of the mine’s energy needs. The plant, with a capacity of 36 megawatts (MW), reduces fuel consumption by approximately 22 million liters annually and cuts carbon emissions by around 60,000 tons per year. Plans are underway to expand this capacity to 45 MW and connect it to the national power grid.
Growth strategy
Alberto Calderon, CEO of AngloGold Ashanti, which holds a 50% stake in SGM, reaffirmed the company’s intent to increase investment in the mine. He emphasized Egypt’s potential as a promising destination for gold exploration, citing previous exploration successes and ongoing activities in neighboring areas.
