Monday, October 7, 2024
16.9 C
London

After the Centamin deal, Egypt clarifies the truth about selling the Sukari gold mine

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.”



Source link

Hot this week

Cardano primed for epic comeback as whales bet big on 2x LTC & DTX Exchange Moonshot rally 

The sudden inflows in the crypto sector, notably...

Emergency crews responding to rekindled fire at Ruscombmanor Township home

Emergency crews have responded this morning to the rekindling...

Fuggetaboutit: Best Mafia series to binge right now

“Leave the gun, take the canolli,” says the...

French Total Energies is considering entering the metals trading market

The newspaper stated that the company seeks to...

Two American scientists win the 2024 Nobel Prize in Medicine

The award committee said in a statement:Nobel Prize...

Topics

Emergency crews responding to rekindled fire at Ruscombmanor Township home

Emergency crews have responded this morning to the rekindling...

Fuggetaboutit: Best Mafia series to binge right now

“Leave the gun, take the canolli,” says the...

French Total Energies is considering entering the metals trading market

The newspaper stated that the company seeks to...

Two American scientists win the 2024 Nobel Prize in Medicine

The award committee said in a statement:Nobel Prize...

The Mercury’s Sound Off for Monday, Oct. 7

In 2020, the Biden campaign convinced a disengaged public...

Man faces charge in death of fellow inmate at Toronto jail – Toronto

By Staff The Canadian Press Posted October 7, 2024 6:12...

Brotherhood threats to liquidate civilians ignite the media in Sudan

The publication of the clip coincided with reports...
spot_img

Related Articles

Popular Categories

spot_imgspot_img