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Naguib Sawiris in talks to acquire 51% stake in Shalateen state-owned mining firm Egypt has awarded Aton Resources an exploitation license at Hamama and its retained exploration areas at the Company's Abu Marawat Concession area have been approved.
Egyptian tycoon Naguib Sawiris is in negotiations to acquire a 51% stake in the state-owned Shalateen mining company, Reuters reported on Sunday. Sawiris is the Chairperson of a La Mancha Holding, which is the largest shareholder in Endeavour Mining's – with 29.88% stake – which tried to go into an all-share merger with Egypt's largest gold producer Centamin. However, the talks failed. According to Reuters, Egypt aims to launch tender for gold exploration in Eastern Desert in March. Egypt has awarded Aton Resources an exploitation license at Hamama and its retained exploration areas at the Company's Abu Marawat Concession area have been approved. A source in the mineral sector has told Daily News Egypt that the Canadian company specialised in gold mining, submitted an economic study to develop the gold discoveries it had achieved in its concession area in Egypt. He said that the Mineral Resources Authority is currently reviewing the economic study with the Aton Resources and preparing an exploitation and profit sharing agreement between the authority and the Canadian company. In January Egypt adopted new regulations for mining agreements, the new regulation follow suit the oil and gas exploration agreements in the country by revoking the need for mining companies to form joint ventures with the government and to limit state royalties to a maximum 20%. Egypt is a country that is blessed by having huge untapped mineral potential, not only in gold, but across all precious, base, and industrial minerals.
