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Sudan buys Egyptian tycoon Sawiris' stake in gold company

Egyptian businessman Naguib Sawiris sells his 44% stake in Ariab gold mining company to the Sudanese government

Ahram Online , Wednesday 15 Apr 2015
Egyptian billionaire Naguib Sawiris
Egyptian billionaire Naguib Sawiris (Photo: Reuters)
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Sudan’s government has bought Egyptian businessman Naguib Sawiris’ 44 percent stake in Ariab gold mining company for $100 million.

The Sudanese government, which now owns all the company’s shares, has said some of them will be resold to private sector investors in the future.

Canada-based gold producer La Mancha, which is owned by Sawiris, was paid $50 million on Tuesday and expects a balance of $50 million within four months.

The Hassai mine, operated by Ariab, has a total production of 2.3 million ounces of gold to date, according to Bloomberg.

 

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