Arab Finance: The Sukari Gold Mine, a joint venture between Denver-based gold producer AngloGold Ashanti plc and Egypt, produced 232,000 ounces of gold during the first half (H1) of 2026, keeping the operation on track to meet its full-year production target of 500,000 ounces and match the record output achieved in 2025, as per a press release.
Production is expected to increase in H2 2026 as mining advances into higher-grade ore zones, in line with the mine's operational plan and increased production volumes.
Despite strong operational performance, Sukari operated against a backdrop of challenging global market conditions. Gold producers faced higher gold-price-linked royalties, inflationary pressures, and a 45% year-on-year increase in Brent crude oil prices during the second quarter of 2026.
These factors, combined with a deliberate increase in long-term investment, lifted Sukari's All-In Sustaining Costs (AISC), which include operating and administrative expenses as well as sustaining capital investment and exploration, to $1,434 per ounce in H1 2026 from $1,068 per ounce a year earlier.
The joint venture also stepped up capital investment during the period, raising expenditure to $177 million in H1 2026 from $125 million in the corresponding period of 2025. According to the company, the expanded reinvestment program was supported by stronger global gold prices.
AngloGold Ashanti said it is evaluating several initiatives aimed at increasing the mine's long-term value, including upgrading the mining fleet, accelerating waste stripping, and improving the processing plant to enhance gold recovery. The company also noted that the Sukari orebody remains open, offering further potential to expand mineral resources.
Since acquiring its stake in Sukari through its 2024 acquisition of Centamin Plc, AngloGold Ashanti has been working with its government partner, the Mineral Resources and Mining Industries Authority (MRMIA), to implement plans designed to increase production and extend the mine's operating life for decades.
Beyond Sukari, AngloGold Ashanti said its exploration team continues to advance exploration activities across Egypt's Eastern Desert, where it sees potential for several additional world-class gold deposits. The company attributed that outlook to Egypt's favorable geology, skilled local workforce, strong educational institutions, and ongoing legislative and regulatory reforms aimed at attracting international mining investment.
