Prime Minister Madbouly Inspects Sukari Gold Mine, Advocates for…

Prime Minister Mostafa Madbouly visited Sukari Gold Mine, discussing expansion and investment in Egypt’s mining sector. He emphasized the government’s push for reforms to align with global standards, aiming to enhance mining’s contribution to GDP. Plans include expanding sustainable energy sources and further investments by AngloGold Ashanti. Minister of Petroleum, Karim Badawi, confirmed the importance of creating a favorable investment climate and highlighted the operational excellence at Sukari.

Prime Minister Mostafa Madbouly recently visited the Sukari Gold Mine (SGM) located in Marsa Alam, engaging with key executives from AngloGold Ashanti. Alongside the Minister of Petroleum and Mineral Resources, Karim Badawi, geological specialists, and members of parliament, the inspection’s focus was on current operations, future expansion plans, and investment prospects in Egypt’s mining sector.

During his visit, Madbouly emphasized a comprehensive approach being employed by the government, in collaboration with parliament, to bolster Egypt’s mining sector. He pointed out that the reform and modernization of legislative, financial, and investment frameworks are fundamental for aligning with global standards as part of this development plan.

Madbouly revealed that numerous agreements with leading international firms have been secured, aimed at enhancing gold and mineral extraction models. This is anticipated to significantly bolster investment opportunities in the mining sector, thus enhancing its contribution to Egypt’s gross domestic product (GDP).

The Prime Minister also toured the underground operations of the mine, as well as the solar power station that operates at SGM. With a capacity of 36 Megawatts (MW), the solar facility supplies over 20 percent of the mine’s energy needs through clean energy sources.

The solar station contributes to a reduction in fuel consumption by about 22 million liters each year and decreases carbon emissions by 60,000 tons annually. There are plans to further augment its capacity to 45 MW and integrate it into the national electricity grid in the future.

Alberto Calderon, the CEO of AngloGold Ashanti, which holds a 50 percent stake in the SGM, assured that the company intends to invest even more in the mine soon, highlighting Egypt’s potential for discovering additional valuable mining sites akin to Sukari based on past exploration successes.

Calderon provided insights into AngloGold Ashanti’s operations in Egypt and abroad, marking Egypt as a priority destination for investment in the mining industry.

Minister Badawi reiterated the commitment to fostering a favorable investment landscape for the mining sector. He underscored ongoing reforms, including the transformation of the Mineral Resources Authority into a more efficiency-driven economic entity, aimed at attracting foreign investments.

In his remarks during the site visit, Badawi underscored the significance of the Sukari mine as one of Egypt’s most vital mining projects. He praised the advanced operational capabilities and efficiency of the skilled Egyptian workforce managing the mine. This successful model of mining investment symbolizes a robust partnership between the Egyptian Mineral Resources Authority and AngloGold Ashanti, one of the world’s largest gold producers.

In summary, Prime Minister Mostafa Madbouly’s visit to the Sukari Gold Mine serves as a significant step towards enhancing investment in Egypt’s mining sector. With a strong focus on reform and modernization, and promising partnerships with leading international firms, the government aims to increase the sector’s contribution to GDP. The simultaneous focus on sustainable energy through solar installations further illustrates the government’s commitment to environmental considerations in mining operations.

Original Source: egyptoil-gas.com