Thu Sep 12 07:36:45 UTC 2024: ## AngloGold Ashanti Acquires Centamin, Solidifying Investment in Egypt’s Mining Sector
**Cairo, Egypt** – AngloGold Ashanti, a leading global gold producer, has acquired Centamin, the sole owner of the Pharaonic Gold Mines Company, a joint venture partner in the Sukari gold mine, the Egyptian Ministry of Petroleum and Mineral Resources announced Wednesday.
This acquisition, which has no impact on the Egyptian state’s rights or revenue from the Sukari mine, is a commercial transaction between two publicly listed companies. The Sukari Gold Mines Company, a 50/50 joint venture between the Egyptian General Authority for Mineral Resources and Pharaonic Gold Mines Company, will remain the operating company.
The Ministry emphasized that the acquisition does not require Egyptian approval as it encompasses all of Centamin’s shares and operations globally. The commitment agreement governing the Sukari mine, issued under Law #222 of 1994, remains in full force, ensuring continued collaboration between the parties involved.
“The presence of AngloGold Ashanti, ranked fourth globally in gold production, operating and investing in the Egyptian mining sector is a significant testament to the confidence of international companies in Egypt’s investment climate,” the Ministry stated. “This deal signifies the success of the state’s policy in attracting foreign direct investment and signals a positive outlook for further global companies to operate in Egypt.”
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