Egypt's gold mining sector has a promising future, according to Gillian Durham, Executive Financial Director of AngloGold Ashanti. She cited the Sukari gold mine as a successful example of the potential for gold mining in Egypt. The mine has made a significant contribution to Egypt's economy since it began commercial production. Durham made these comments during the Egypt Mining Forum.
Durham highlighted that AngloGold Ashanti has made a cumulative economic contribution of over $2 billion to Egypt since the mine started production. The company is currently exploring over 3,000 square kilometers of land in the Eastern Desert. This is after securing 19 new exploration areas. The company's operations in Egypt are part of its broader presence in Africa, where it employs around 25,000 people.
The Egyptian government is working to attract new investments in the mining sector. Recent reforms include converting the Mineral Resources Authority into an independent entity. A new mining agreement framework has also been finalized. The government is set to launch a digital mining portal. These changes aim to simplify licensing processes and improve the business environment for mining companies.
AngloGold Ashanti's global operations produced over 3 million ounces of gold in 2025. The company achieved free cash flows of $2.9 billion. This enabled it to distribute record dividends of $1.8 billion to shareholders. The company's African operations, including those in Ghana, Guinea, Tanzania, the Democratic Republic of Congo, and Egypt, produced over 2 million ounces of gold in 2025.
The Sukari gold mine, a partnership with the Egyptian government, was classified as a Tier 1 asset in 2025. It achieved adjusted earnings before interest, tax, depreciation, and amortization of $1.3 billion. The mine generated free cash flows of $475 million. It employs around 4,500 people, with Egyptians making up about 97% of the workforce.
Durham emphasized that Egypt offers significant strategic advantages for mining companies. These include well-maintained highways, direct access to Red Sea ports, excellent electricity network coverage, and a stable political climate. The company is committed to using its financial resources and technical expertise to help Egypt regain its position as a major global mining power.
AngloGold Ashanti's global presence includes operations across four continents. The company's headquarters is in Denver, Colorado, and it is listed on the New York Stock Exchange. In 2025, the company invested around $22 million directly in community development projects in its host countries. It paid a total of $1.84 billion in taxes and payments to host governments in Africa.
Key points
- Egypt's gold mining sector has a promising future, driven by successful operations like the Sukari gold mine.
- AngloGold Ashanti has made a significant economic contribution to Egypt, exceeding $2 billion since the Sukari mine began production.
- The Egyptian government is implementing reforms to attract new investments in the mining sector, including a new mining agreement framework and a digital mining portal.
