Mining Giant AngloGold Ashanti to Invest More in Gold Exploration in Egypt

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Global mining company AngloGold Ashanti, which invests in the Sukari Gold Mine in Egypt’s Eastern Desert, is seeking further gold discoveries in the country, says Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, with a delegation from AngloGold.

Global mining company AngloGold Ashanti, which invests in the Sukari Gold Mine in Egypt’s Eastern Desert, is seeking further gold discoveries in the country. The company’s investments in Egypt have reached USD 150 million.

This came during a meeting held by Karim Badawi, Minister of Petroleum and Mineral Resources, with a delegation from AngloGold. During the meeting, the minister outlined the ministry’s strategy to attract more investments into Egypt’s mining sector by fostering a favourable investment environment.

The minister emphasised that the mining sector is a strategic priority for the government, which is working to streamline licensing processes, increase investment returns, and establish a competitive regulatory framework. Badawi highlighted the signing of a new agreement for gold and associated mineral exploration with AngloGold Ashanti and Barrick Gold.

The initial signing took place at the end of last year, and the legislative procedures for its approval are nearing completion in parliament, paving the way for the final agreement.

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This agreement is expected to inject fresh investments into the sector and encourage global companies to accelerate the use of modern technologies for gold exploration and extraction. The minister also unveiled a new strategy to promote investment opportunities in Egypt’s mining sector, including the launch of a digital platform during the upcoming Egypt Mining Forum in July.