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Egypt welcomes Endeavour’s interest in acquiring Centamin – Minister

Egypt welcomes Endeavour’s interest in acquiring Centamin – Minister
Centamin’s board of directors rejected the acquisition proposal

Cairo – Mubasher: Egypt welcomes the interest of Canada's Endeavour Mining Corp. to acquire the gold miner Centamin, the country’s minister of petroleum Tarek El-Molla told Reuters. 

The Canadian firm has offered 0.0846 of its own shares for each Centamin’s share in a bid to control Centamin’s assets that include the Sukari mine in Egypt.

However, Centamin’s board of directors rejected the proposal, saying that it provides “comparatively greater benefit to Endeavour’s shareholders.”

The potential acquisition will support the mining sector and encourage foreign investors to inject further invetsments into the country, El-Molla affirmed.