Sawiris in talks to buy 51% stake in Egypt state-owned mining firm
Egyptian billionaire Naguib Sawiris said on Sunday that he was holding talks to acquire a 51% stake in the state-owned Shalateen mining company.
Sawiris chairs private gold mining group La Mancha and had said that he intended to invest in gold and copper mining in Egypt if investment conditions improved.
Egypt in January issued new regulations that appeared to eliminate the need for mining companies to form joint ventures with the government and to limit state royalties to a maximum of 20%.
(By Ehab Farouk and Nadine Awadalla; Editing by Jane Merriman)
More News
First Quantum’s Cobre Panama mine ready to suspend arbitration
Panama government will allow the export of 120,000 metric tons of copper concentrate that has been stuck in the shuttered mine for over two years and allow restart of the power plant used to run the mine.
March 14, 2025 | 12:31 pm
Trump-driven turbulence draws new investors into gold
Analysts say the policy upheaval has begun to tempt US investors into gold ETFs.
March 14, 2025 | 11:27 am
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments