Ariab CEO: 2024 Gold Profits Exceeded 7 Million Euros

Al-Ahdath – Monitoring

The CEO of Ariab Mining Company, Dr. Nasr El-Din Al-Husseini, revealed that the company’s losses during the war period exceeded 13 million euros. He noted that part of the production at the onset of the war was in the commodity portfolio and the refinery, in addition to being affected by the standards authority and banking sector where company accounts are held.

In a press statement, Al-Husseini said that the 2024 profits exceeded 7 million euros, thanks to the continuation of mining operations without affecting Brent crude, made possible by a comprehensive business continuity plan. The company also maintained its social responsibility services and engaged local communities, which facilitated a smooth transition to alternative supply sources and logistics services.

He added that the past year posed significant challenges for the company, particularly due to the dispersal of many staff across several states following the outbreak of the war. In addition, cyanide supplies were disrupted for seven consecutive months, forcing the purchase of materials at high costs without tenders, which could have reduced expenses. However, the issue was resolved by employing alternative staff and resuming operations according to regulations and proper tender procedures to ensure quality and cost-effective supplies.

Al-Husseini mentioned that Ariab has been working on developing a plant using modern techniques to extract from waste materials. However, the COVID-19 pandemic and the revolution period negatively affected the company’s operations. It returned to profitability in 2022 and acquired new machinery, but challenges resurfaced in 2023 with the outbreak of the war.

He refuted claims that Ariab supports the French economy, clarifying that the company was established in 1991 as a multinational mining corporation for gold exploration and production. French companies owned 44% of the shares, which were later sold to an Egyptian company due to economic sanctions on Sudan that hindered expansion plans. The Sudanese government refused to increase its share to 56%. Eventually, Sudan bought the shares from Egypt’s Sawiris, making Ariab a fully nationalized company.