{"id":569283,"date":"2020-02-19T04:14:30","date_gmt":"2020-02-19T04:14:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/sawiris-in-talks-with-govt-to-possibly-tap-into-gold-mining\/"},"modified":"2020-02-19T04:14:30","modified_gmt":"2020-02-19T04:14:30","slug":"sawiris-in-talks-with-govt-to-possibly-tap-into-gold-mining","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/19\/sawiris-in-talks-with-govt-to-possibly-tap-into-gold-mining\/","title":{"rendered":"Sawiris in talks with gov\u2019t to possibly tap into gold mining"},"content":{"rendered":"

<\/a> With amended Mineral Resources exec regs and a new tender on the way, Naguib <\/strong>looks set to get in on mining in Egypt:<\/strong> Naguib Sawiris is currently in talks with the government to participate in the upcoming international gold exploration and mining tender and is \u201cwilling to participate in any area that could be promising,\u201d the bn\u2019aire tells Bloomberg<\/a>.<\/p>\n

It is unclear which company Sawiris is involved with is holding talks with the government.<\/strong> He is currently the chairman of La Mancha, which is also the biggest shareholder in Endeavour Mining. Endeavour recently tried to acquire Centamin \u2014 the only company producing gold in Egypt from its Sukari mine \u2014 but withdrew its offer last month<\/a> saying it hadn\u2019t received enough information during an assessment period to be confident in the takeover. Endeavor operates in the Ivory Coast, Burkina Faso and Mali.<\/p>\n

Sawiris praised the executive regulations to the amended Mineral Resources Act<\/strong>, saying they are \u201cmore favorable and more realistic and would attract foreign investments to the sector.\u201d He had previously said<\/a> he was waiting for more clarity on the regulations \u2014 additional details of which we noted yesterday<\/a> \u2014 to determine whether or not he will invest in the country\u2019s gold and copper mining industry. Under the new act<\/a>, companies will have to pay a minimum royalty of 5% of annual production, with the cap set at 10% for mineral ores and 20% for other resources.<\/p>\n

The tender will be launched for areas in the Eastern Desert by the end of this month or early March.<\/strong> It will be the first mining tender since the Mineral Resources Act was amended last year<\/a> and the first for gold exploration since 2017. It hopes the tender will boost investment in the sector, raising contribution to GDP to EGP 7 bn by the end of the decade.<\/p>\n","protected":false},"excerpt":{"rendered":"

With amended Mineral Resources exec regs and a new tender on the way, Naguib looks set to get in on mining in Egypt: Naguib Sawiris is currently in talks with the government to participate in the upcoming international gold exploration and mining tender and is \u201cwilling to participate in any area that could be promising,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":569284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[317,72,3689,3688,373,2065,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-commodities","tag-enterpriseam","tag-la-mancha","tag-mineral-resources-act","tag-mining","tag-naguib-sawiris","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7d6acc37-7a7f-4797-9b61-4dd3b5d7fd39","is_powered_by":true,"section_story_id":"4a5f3ac8-b4a2-421b-a27e-f63008c4bb1b","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/253.jpg","photo_position":"above","related_issue":[569275],"teaser":"","voice_url":""},"yoast_head":"\nSawiris in talks with gov\u2019t to possibly tap into gold mining - 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No further details were provided, including the timeline of the negotiations and the expected value of the transaction. Sawiris, who is the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/295.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569325,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/centamin-to-consider-bidding-on-the-mineral-resources-authoritys-upcoming-tender\/","url_meta":{"origin":569283,"position":1},"title":"Centamin to consider bidding on the Mineral Resources Authority\u2019s upcoming tender","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"INVESTMENT WATCH- Centamin \"prepared\" to invest more in Egypt\u2019s mining, waiting on details of int\u2019l gold tender: Centamin is waiting on more details on the Mineral Resources Authority\u2019s upcoming international gold exploration and mining tender before deciding whether or not to participate, but is \u201cprepared\u201d to invest more in Egypt\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569500,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/","url_meta":{"origin":569283,"position":2},"title":"Egypt to launch int\u2019l gold exploration bid round on 15 March","author":"enterpriseam admin","date":"26 February 2020","format":false,"excerpt":"Egypt will launch an international bid round for gold and mineral exploration on 15 March, and will accept bids until 15 July, the Oil Ministry said in a statement (pdf). Investors will bid for exploration in the Eastern Desert over an area totaling 56k sqkm using the block-basis concessions system,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574875,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/a-blockbuster-gold-discovery-may-have-killed-sawiris-chances-of-nabbing-shalateen-mining\/","url_meta":{"origin":569283,"position":3},"title":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of nabbing Shalateen Mining","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"A blockbuster gold discovery may have killed Sawiris\u2019 chances of acquiring Shalateen Mining: Naguib Sawiris\u2019 interest in a majority stake in state-owned Shalateen Mining have reportedly hit a roadblock after the company made a blockbuster gold discovery in the Eastern Desert. Oil Ministry sources told Cairo24 that some of Shalateen\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561401,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/06\/sawiris-gearing-up-to-bid-for-gold-exploration-blocks-in-egypt\/","url_meta":{"origin":569283,"position":4},"title":"Sawiris gearing up to bid for gold exploration blocks in Egypt","author":"enterpriseam admin","date":"6 April 2021","format":false,"excerpt":"Naguib Sawiris is planning to take part in Egypt's ongoing gold exploration tender, the bn\u2019aire said at a conference yesterday, the local press reports. Sawiris\u2019 La Mancha Holding is the largest shareholder in Toronto-based Endeavour Mining, and also holds an almost 35% stake in Altus strategies, whose subsidiary Akh Gold\u2026","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/50.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572701,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/naguib-sawiris-expects-to-close-talks-with-egypts-govt-on-shalateen-stake-purchase-within-weeks\/","url_meta":{"origin":569283,"position":5},"title":"Naguib Sawiris expects to close talks with Egypt\u2019s gov\u2019t on Shalateen stake purchase within weeks","author":"enterpriseam admin","date":"6 July 2020","format":false,"excerpt":"M&A WATCH- Naguib expects to close talks on Shalateen stake purchase within weeks: Naguib Sawiris is still in talks with the government to buy a 51% stake in state-owned Shalateen Mining and expects negotiations to wrap in the coming weeks, he tells Hapi Journal. He did not provide any details\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569283"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569283\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569284"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569283"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569283"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}