Sawiris talks to buy stake in Egyptian mining firm have halted, minister

Negotiations with Egyptian businessman Naguib Sawiris over his bid for a stake in the state-owned Shalateen Mining Company have been halted, Egypt’s petroleum minister said on Saturday.

Sawiris chairs private gold mining group La Mancha and said in February that he was holding talks to acquire a 51 percent stake in Shalateen.

Egypt in January issued new regulations that aimed to eliminate the need for mining companies to form joint ventures with the government and to limit state royalties to a maximum 20 percent.