Saturday, 14 July 2012

Egypt's Sawiris in $500m bid for Canada gold miner - The National

The Egyptian billionaire Naguib Sawiris has made an audacious US$500 million (Dh1.83 billion) offer to buy a Canadian gold mining company.

The move comes amid growing market talk of a resurgence in the price of the yellow metal.

The businessman, based in Cairo, plans to buy the Montreal mining group La Mancha Resources in what analysts said marked a radical departure in his investment strategy.

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