Egyptian billionaire Naguib Sawiris said today, Sunday, that he is negotiating to acquire 51 percent of the Shalatin Mineral Resources Company, as part of his efforts to enter the field of gold mining in Egypt.
The Egyptian General Mineral Resources Authority owns 35 percent of the company, the National Service Projects Authority of the Ministry of Defense holds 34 percent, the National Investment Bank 24 percent, and the Egyptian Wealth Corporation 7 percent.
Earlier, an official at the Egyptian General Authority for Mineral Resources said that Egypt plans to launch a global bid for gold exploration in the Eastern Desert during the first half of next March.
The official, who asked not to be named, added: "The eastern desert will be presented to the block system investors, with each stage closed four months after its launch.
He continued: "The bidding will be put up under the royalty and tax system and a share for the government."
It is believed that the eastern desert of Egypt is rich in gold, but the complexities and regulatory obstacles have prevented decades of opening it up to private investment.
Gold production in Egypt is currently concentrated in the Diabetes Mine in the Eastern Desert, which is run by the London-listed Centamin Company.