afr - report, page-9

Think all the mining companies are watching the fortunes of each other in Eritrea Bill and i would not be surprised if behind the scenes they are comparing notes and commiserating over the difficulties each have encountered.

There is a Saudi business tycoon involved in mining.

http://en.wikipedia.org/wiki/Mohammed_Hussein_Al_Amoudi

http://www.amharicmovies.com/latest-news/3843-ethiopia-says-british-saudi-firms-have-discovered-gold-deposits.html

Sakaro, a mining company operating under Midroc Gold Co., owned by Saudi business tycoon Sheik Mohammed Hussein Al Amoudi, has also discovered a new deposit estimated at 18 tonnes in the Lege-Dembi gold belt, Gebre Egziabher said.

http://allafrica.com/stories/201303160146.html

Plus there is a project to mine mineral salts in Egypt backed by the Saudi’s.

http://www.africanreview.com/construction-a-mining/excavation/saudi-arabian-group-to-invest-in-mineral-salt-extraction-project-in-egypt

http://www.alrajhi-holding.com/

Overall Egypt is getting a lot of help financially from Qatar and Saudi Arabia.

http://english.ahram.org.eg/NewsContent/3/12/53305/Business/Economy/Egypt-has-received-sizeable-chunk-of-Saudi-aid-sin.aspx

http://www.dailynewsegypt.com/2013/03/12/no-intentions-for-qatar-to-increase-aid-to-egypt-in-the-short-term/
Also help from the IMF and the US.

http://www.nytimes.com/2013/03/04/world/middleeast/kerry-announces-millions-in-us-aid-for-egypt.html?_r=0

http://english.ahram.org.eg/NewsContent/3/12/67041/Business/Economy/IMF-team-discusses-rescue-package-with-Egypt-offic.aspx

Eritrea has rather shot itself in the foot by its anti western rhetoric and favouring the Chinese over Chalice was another mistake as it puts of further investment and investors.

The board were over a barrel really so had to make the best of it. Probably a worse move was the capital return when they knew they would have to diversify and split funds between Eritrea and a new prospect.