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 20%.
(Reporting by Ehab Farouk; Writing by Nadine Awadalla. Editing by Jane Merriman)
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Naguib Onsi Naguib Sawiris is an Egyptian entrepreneur and businessperson who founded Global Telecom Holding SAE, Wind Telecom SpA and Yup Technologies, Inc. and who has been at the helm of 12 different companies. Currently, he holds the position of Chairman of Gemini Development BV, Chairman of Nile Sugar Co., Chairman at Orascom TMT Investments SARL, Executive Chairman, CEO & Managing Director at Orascom Investment Holding SAE (a subsidiary of Orascom TMT Investments SARL), Chief Executive Officer at CHEO Technology Joint Venture Co., Chairman at Euronews SA and President of Endeavor Egypt. Mr. Sawiris is also on the board of 16 other companies. In the past Mr. Sawiris was Chairman & Chief Executive Officer of Weather Investments, Chief Executive Officer of Yup Technologies, Inc., Investment Partner at Sawari Ventures LLC, Chairman for Wind Telecomunicazioni SpA, Chairman of Global Telecom Holding SAE and President for German Arab Chamber of Industry & Commerce. Mr. Sawiris received an undergraduate degree and a graduate degree from Swiss Federal Institute of Technology.
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Euronews SA
 Euronews SA BroadcastingConsumer Services Euronews SA provides news broadcasting services. It covers topics such as politics, foreign affairs, sports, weather, showbiz, and lifestyle. The company was founded in May 1992 and is headquartered in Lyon, France. | Chairman |
| ORASCOM DEVELOPMENT HOLDING AG | Chairman |
