AngloGold Ashanti is set to invest around $400 million in Egypt this year, aiming to increase gold production at the Sukari mine to 570,000 ounces within two years. The company's Egypt chairwoman, Hoda Mansour, announced this during the fifth edition of the Egypt Mining Forum, taking place on 28-29 September. This investment follows $250 million invested in Egypt in 2025.
The Sukari mine, located in the Eastern Desert, produced around 500,000 ounces of gold in 2025 and is considered one of the world's major gold mines. AngloGold Ashanti aims to maintain production at similar levels for the next 10 years while adding around 70,000 ounces of annual production within two years. The mine, jointly owned by AngloGold Ashanti and the Egyptian government, has produced over 6.8 million ounces of gold to date.
The planned investment will support efforts to expand production, extend the mine's operating life, and sustain output over the coming years. Mansour mentioned that President Abdel Fattah El-Sisi, during a meeting with AngloGold Ashanti CEO Alberto Calderon, asked the company to examine whether the timeline for increasing production could be shortened. However, expanding gold output requires complex technical work, significant investment, and advanced technologies.
AngloGold Ashanti is also seeking to expand beyond Sukari, having submitted bids for 19 blocks in Egypt's latest gold and minerals exploration tender. The company is awaiting the results of the bidding process, which has attracted strong interest from international mining companies. Additionally, the company is exploring areas within the Sukari concession, citing the geological potential of Egypt's Eastern Desert.
The Sukari mine employs over 5,000 people, with Egyptians accounting for around 97 percent of the workforce. Mansour highlighted that the company initially relied on foreign expertise while transferring that expertise to Egyptian workers through training and skills development. Investment in the mine extends beyond capital expenditure to include the workforce, with training and capacity building aimed at supporting long-term sustainability.
Mansour welcomed recent changes to Egypt's mining sector, particularly the transformation of the Egyptian Mineral Resources Authority into an economic entity. This change has altered the authority's operations and helped accelerate its response to investors. AngloGold Ashanti regards Egypt as an important market and seeks to expand its presence through Sukari and new exploration investments.
The company's investment plans and expansion efforts are expected to contribute to Egypt's mining sector growth. With a favourable investment climate, Mansour stressed that geological potential can be turned into commercial production. AngloGold Ashanti's acquisition of its interest in Sukari was through its $2.2 billion acquisition of Centamin in November 2024.
Key points
- AngloGold Ashanti plans to invest $400 million in Egypt this year to increase gold production at the Sukari mine.
- The Sukari mine aims to produce 570,000 ounces of gold within two years.
- The company is also exploring additional areas within the Sukari concession and beyond.
