Egyptian billionaire businessman, Nagiub Sawiris, said that he is negotiating with the government to acquire 51% stake in the state-owned Shalateen mining company, which comes in parallel with his objectives to enter the mining industry in Egypt, according to Reuters.
Previously, an anonymous source from Egyptian General Petroleum Corporation (EGPC) said that Egypt is planning to post an international bid round for gold mining in the Western Desert during the first half of March.
The source told Reuters that “Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official said. The bids will follow royalty, taxes and stake for the government system.”
It is worth noting that Sawiris recently told Bloomberg that he is willing to participate in the mining industry in any area that could be promising.
Additionally, he noted that the Egyptian government started talks with him in order to promote the new tender.