{"id":569412,"date":"2020-02-24T04:43:34","date_gmt":"2020-02-24T04:43:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/sawiris-eyes-51-stake-in-state-owned-shalateen-mining-company\/"},"modified":"2020-02-24T04:43:34","modified_gmt":"2020-02-24T04:43:34","slug":"sawiris-eyes-51-stake-in-state-owned-shalateen-mining-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/sawiris-eyes-51-stake-in-state-owned-shalateen-mining-company\/","title":{"rendered":"Sawiris eyes 51% stake in state-owned Shalateen mining company"},"content":{"rendered":"

<\/a> M&A WATCH- Sawiris eyes majority stake in state-owned Shalateen: <\/strong>Naguib Sawiris is in talks with the government to buy a 51% stake in state-owned Shalateen Mining, Reuters reports<\/a>. No further details were provided, including the timeline of the negotiations and the expected value of the transaction.<\/p>\n

Sawiris, who is the chairman of La Mancha Mining, has long been interested in getting in on Egypt\u2019s mining industry.<\/strong> He last week flagged his interest<\/a> in the government\u2019s upcoming international gold exploration and production tender, telling Bloomberg that he is \u201cwilling to participate in any area that could be promising.\u201d La Mancha is the biggest shareholder in Canada\u2019s Endeavour Mining, which recently tried to acquire Centamin, currently the only gold producer in Egypt. Sawiris lauded the recently-announced executive regulations to the amended Mineral Resources Act as being positive for investors. The new regs will see gold mine operators pay the minimum 5% royalty<\/a>, EGP 25k in rent each year<\/a> per sq km, and income tax of 22.5%.<\/p>\n

The government wi<\/strong>ll start accepting bids for the tender during the first half of March<\/strong>, an official at the Egyptian Mineral Resources Authority told Reuters<\/a>. Local press reports recently indicated<\/a> that the government would issue the tender either at the end of February or by the beginning of March. The tender will be the first of its kind since the Mineral Resources Act was amended last year<\/a> and the first for gold exploration since 2017. It will feature blocks in the Eastern Desert that will be offered in phases, each to be closed within four months of offering.<\/p>\n

Meanwhile, Aton Resources\u2019 mining license is still under review.<\/strong> Authorities are reviewing an economic feasibility study before the license receives final approval from cabinet and then the House of Representatives, Al Mal reports<\/a>, quoting unnamed sources. Once approved, Aton will be exploiting the Eastern Desert\u2019s Hamama region to extract gold under a 20-year license<\/a> with an additional 10-year option period and would also retain rights to explore in the Abu Marawat concession area in the Arabian-Nubian Shield, north of Sukari mine, where existing player Centamin is operating.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Sawiris eyes majority stake in state-owned Shalateen: Naguib Sawiris is in talks with the government to buy a 51% stake in state-owned Shalateen Mining, Reuters reports. No further details were provided, including the timeline of the negotiations and the expected value of the transaction. Sawiris, who is the chairman of La Mancha Mining, […]<\/p>\n","protected":false},"author":1,"featured_media":569413,"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":[3626,2569,72,7093,3689,7128,3688,2065,2018,2380,3070],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-aton-resources","tag-centamin","tag-enterpriseam","tag-gold","tag-la-mancha","tag-ma-watch","tag-mineral-resources-act","tag-naguib-sawiris","tag-shalateen-mining","tag-speed-round","tag-sukari-gold-mine","wpautop","entry"],"acf":{"mongo_id":"0323710c-522f-47ec-a20f-414c95c079a5","is_powered_by":true,"section_story_id":"ffa4dfcf-1155-4725-8c1c-c8eaf44cd354","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/295.jpg","photo_position":"above","related_issue":[569405],"teaser":"","voice_url":""},"yoast_head":"\nSawiris eyes 51% stake in state-owned Shalateen mining company - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/sawiris-eyes-51-stake-in-state-owned-shalateen-mining-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sawiris eyes 51% stake in state-owned Shalateen mining company\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Sawiris eyes majority stake in state-owned Shalateen: Naguib Sawiris is in talks with the government to buy a 51% stake in state-owned Shalateen Mining, Reuters reports. 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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":[]},{"id":576365,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/sawiris-attempts-to-acquire-shalateen-mining-in-doubt-as-talks-halted\/","url_meta":{"origin":569412,"position":1},"title":"Sawiris\u2019 attempts to acquire Shalateen Mining in doubt as talks halted","author":"enterpriseam admin","date":"22 November 2020","format":false,"excerpt":"M&A WATCH- Sawiris\u2019 attempts to acquire Shalateen Mining in doubt as talks stop: Naguib Sawiris\u2019 talks with the government to acquire 51% of state-owned Shalateen Mining have been suspended, Oil Minister Tarek El Molla told Reuters without giving further detail. 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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":569500,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/egypt-to-launch-intl-gold-exploration-bid-round-on-15-march\/","url_meta":{"origin":569412,"position":3},"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":570240,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/endeavor-to-acquire-semafo-in-june-creating-west-africas-largest-gold-producer\/","url_meta":{"origin":569412,"position":4},"title":"Endeavor to acquire Semafo in June, creating West Africa\u2019s largest gold producer","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"M&A WATCH- Endeavor to acquire Semafo in June, creating West Africa\u2019s largest gold producer: Canada\u2019s Endeavour Mining will acquire Toronto-listed gold producer Semafo in a USD 690.7 mn agreement set to be completed in June, Reuters reports. Endeavour shareholders \u2014 which is 24.1% owned by the Sawiris family \u2014 will\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\/3\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652695,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/17\/naguib-sawiris-in-gbp-3-bn-mining-merger\/","url_meta":{"origin":569412,"position":5},"title":"Naguib Sawiris in GBP 3 bn mining merger","author":"enterpriseam admin","date":"17 January 2017","format":false,"excerpt":"Naguib Sawiris behind GBP 3 bn merger of gold miners: \u201cBn\u2019aire Sawiris behind planned Endeavour-Acacia merger,\u201d blares the headline in the Financial Times, suggesting that Naguib is the force moving a merger to create a GBP 3 bn London-listed gold producer. Sawiris and other family members have \u201clarge stake\u201d in\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\/569412","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=569412"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569412\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569413"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569412"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569412"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}