Centamin is the sole owner of the Pharaonic Gold Mines Company, a partner of the Egyptian Mineral Resources Authority, affiliated with the Ministry of Petroleum, in the Sukari gold mine.
And Tuesday, I agreed.Anglo Gold Ashanti“On buying a company”Centamin“In a deal worth an estimated £1.9 billion ($2.5 billion).
The Ministry of Petroleum and Mineral Resources clarified in a statement that “the acquisition deal has no impact on the Egyptian state’s rights in the Sukari mine and its revenues. The provisions of the commitment agreement issued under Law No. 222 of 1994 remain in full force and effect. This agreement governs the relationship between the contributing parties, namely the Egyptian Mineral Resources Authority and the Pharaonic Company.”
She added: “Sukari Gold Mines Company will remain the joint venture and operating company, as it is without any changes,” according to the Egyptian Ministry of Petroleum.
The Sukari mine is managed by Sukari Gold Mines Company, as the operating company in accordance with the terms of the concession agreements.
Sukari Company is equally owned by the Mineral Resources Authority and the Pharaonic Gold Mines Company, which means that the acquisition will not have any impact on the operating company.
Centamin is listed on the London Stock Exchange and is the operator of the mine, while AngloGold Ashanti is listed on the New York Stock Exchange, which does not require the Egyptian side’s approval to complete the deal, because the acquisition includes all Centamin shares and all its areas of operation around the world, according to the statement.
AngloGold Ashanti is ranked fourth in the world in the classification of gold producing companies, according to the company’s data on Wall Street, according to a report by Anadolu Agency.
The mine produced 470,000 ounces of gold last year, and aims to produce between 470,000 and 500,000 ounces this year, depending on global market requirements, according to a previous statement by the operating company.
The Ministry of Petroleum said in its statement, “The presence of Anglo Ashanti, which ranks fourth in the world in the classification of gold producing companies, to work and invest in the Egyptian mining sector is a global testimony to the confidence of international companies in the investment climate in Egypt and conclusive evidence of the success of the state’s policy in attracting foreign direct investment. We expect, after this step, more than one other international company to come and work in Egypt.”
