Latest news with #SukariMine
Zawya
6 days ago
- Business
- Zawya
Sukari Gold Mine showcases successful public–private partnership: Egypt's minister
Egypt - Karem Badawi, Minister of Petroleum and Mineral Resources, met with Gillian Doran, Chief Financial Officer of the global mining company AngloGold Ashanti—an investor in the Sukari gold mine—alongside Hoda Mansour, Vice President and Managing Director of Sukari Company, on the sidelines of the Egypt Mining Forum. During the meeting, Badawi affirmed the government's commitment to working with strategic partners and fostering an attractive and stable investment climate. He noted that the achievements at the Sukari Mine stand as a successful model of partnership between the state and the private sector. The Minister also reiterated the Ministry's dedication to maintaining open channels of communication to address challenges and streamline procedures, especially following recent amendments to the Mineral Resources Law and the introduction of a new model for gold and mineral exploitation, which together open up fresh opportunities for investors. For her part, Gillian Doran praised the notable progress made at the Sukari Mine, noting that her visit to the site marked a turning point, allowing her to witness first-hand the scale and quality of the operations. She highlighted that 97% of the workforce consists of highly skilled Egyptian professionals. Doran also welcomed the positive outcomes of AngloGold Ashanti's acquisition of the mine, stating that it had strengthened the company's position among global gold producers, with the Sukari Mine playing a central role in this success. The meeting further explored ways to deepen cooperation with the Egyptian government to expedite the granting of exploitation rights, particularly for start-ups, thereby broadening the mining investment base and boosting exploration activities—both within the Sukari concession and in newly awarded exploration areas.
Daily News Egypt
7 days ago
- Business
- Daily News Egypt
Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum
Karem Badawi, Minister of Petroleum and Mineral Resources, met with Gillian Doran, Chief Financial Officer of the global mining company AngloGold Ashanti—an investor in the Sukari gold mine—alongside Hoda Mansour, Vice President and Managing Director of Sukari Company, on the sidelines of the Egypt Mining Forum. During the meeting, Badawi affirmed the government's commitment to working with strategic partners and fostering an attractive and stable investment climate. He noted that the achievements at the Sukari Mine stand as a successful model of partnership between the state and the private sector. The Minister also reiterated the Ministry's dedication to maintaining open channels of communication to address challenges and streamline procedures, especially following recent amendments to the Mineral Resources Law and the introduction of a new model for gold and mineral exploitation, which together open up fresh opportunities for investors. For her part, Gillian Doran praised the notable progress made at the Sukari Mine, noting that her visit to the site marked a turning point, allowing her to witness first-hand the scale and quality of the operations. She highlighted that 97% of the workforce consists of highly skilled Egyptian professionals. Doran also welcomed the positive outcomes of AngloGold Ashanti's acquisition of the mine, stating that it had strengthened the company's position among global gold producers, with the Sukari Mine playing a central role in this success. The meeting further explored ways to deepen cooperation with the Egyptian government to expedite the granting of exploitation rights, particularly for start-ups, thereby broadening the mining investment base and boosting exploration activities—both within the Sukari concession and in newly awarded exploration areas.
Globe and Mail
04-07-2025
- Business
- Globe and Mail
Is AngloGold Ashanti on Track to Meet 2025 Production Targets?
AngloGold Ashanti PLC AU has kicked off 2025 on a high note, posting its best first-quarter gold production since 2020 and setting an optimistic tone for the rest of the year. Driven by the successful integration of a major acquisition and strong performance across several key operations, AU is firing on all cylinders and reaffirming its full-year outlook. AngloGold Ashanti's gold production increased 22% year over year to 720,000 ounces in the first quarter of 2025. This reflected the first full-quarter contribution from the recently acquired Sukari mine in Egypt. This large-scale, long-life, world-class Tier 1 asset, acquired through AngloGold Ashanti's November 2024 takeover of Centamin, added 117,000 ounces in the first quarter. Sukari is expected to deliver up to 500,000 ounces of gold annually. Broad-based strength across the company's portfolio added further momentum in the first quarter. Siguiri delivered a sharp turnaround in performance, producing 80,000 ounces in the first quarter, a 67% jump from the first quarter of 2024. This was driven by optimized carbon-assisted operations and increased plant stability, which enabled higher throughput and the strategic exclusion of Bidini ore from processing. Tropicana and Sunrise Dam bounced back with 40% and 9% output increases, respectively, from the rainfall disruptions in the year-ago quarter. Cerro Vanguardia saw a 12% rise in production on improved plant performance and higher grades, while Geita posted a modest 2% improvement. This broad-based operational strength highlights AngloGold Ashanti's success in integrating its newest asset and driving productivity gains across its established operations. The company affirmed its 2025 production guidance of 2.900-3.225 million ounces, suggesting year-over-year growth of 9-21%. Output in 2026 is expected to remain at similar levels. Mixed Performances for AngloGold Ashanti's Peers Looking across the competitive landscape, Barrick Mining Corporation B saw a 19% year-over-year drop in first-quarter gold production to 758,000 ounces. This downturn was primarily due to the suspension of operations at the Loulo-Gounkoto mine amid Barrick's dispute with the Malian government over dividing the economic benefits and lower output across Carlin and Cortez. Barrick provided a tepid forecast for 2025, with attributable gold production expected in the range of 3.15-3.5 million ounces, excluding production from Loulo-Gounkoto. Agnico Eagle Mines Limited AEM saw a modest year-over-year decline of around 0.5% to 873,794 ounces in the first quarter on lower output at Canadian Malartic. Agnico Eagle wrapped up the acquisition of O3 Mining during the first quarter, adding the Marban project, which is expected to contribute around 130,000 ounces of gold per year to the Canadian Malartic complex. Agnico Eagle remains on track to meet its 2025 gold production target of around 3.3-3.5 million ounces. AU's Price Performance, Valuations & Estimates AngloGold Ashanti stock has appreciated 102.4% year to date, outperforming the Zacks Mining – Gold industry's 55.1% growth. During this time, the Basic Materials sector has risen 13.8%, while the S&P 500 has gained 5.4%. AngloGold Ashanti is currently trading at a forward 12-month earnings multiple of 10.12X, at a discount to the industry average of 13.02X. The stock has a Value Score of B. The Zacks Consensus Estimate for AU's 2025 sales is $8.85 billion, indicating 52.8% year-over-year growth. The consensus mark for the year's earnings is $4.99 per share, indicating year-over-year growth of 125.8%. The Zacks Consensus Estimate for 2026 sales implies 2.28% year-over-year growth. The same for earnings indicates a decline of 1.3%. However, EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below. AU stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Zawya
16-05-2025
- Business
- Zawya
Egypt's PM reviews AngloGold Ashanti's expansion plans in mining sector
Egypt - Prime Minister Mostafa Madbouly met with officials from AngloGold Ashanti to explore business plans, future expansions, and opportunities to enhance cooperation in the mining sector, according to a statement. The meeting was attended by Minister of Petroleum and Mineral Resources Karim Badawi, Chairman of the Egyptian Mineral Resources Authority (EMRA) Yasser Ramadan, and AngloGold Ashanti's CEO Alberto Calderon. During his tour at the Sukari gold mine in Marsa Alam, Madbouly affirmed the state's keenness to supporting AngloGold Ashanti's investments in Egypt, adding that Egypt likely possesses other reserves similar to those of the Sukari mine. He also affirmed the state's commitment to resolve and eliminate any obstacles that face the company while running its business activities. This would contribute to pumping more investments in the coming period and expanding production rates from the Sukari mine. On his part, Calderon affirmed that AngloGold Ashanti intends to inject more investments into the Sukari mine, expecting other investment-attracting sites similar to the Sukari mine in Egypt. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
