Naguib Sawiris sells his 44% stake in Gold Company to Sudan

Egyptian business tycoon Naguib Sawiris sells his 44% stake in Ariab gold mining company to the Sudanese government for US$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, is Sudan’s only producing gold mine with a total production of 2.3 million ounces of gold up to date, according to Bloomberg.

Source: Ahram Online