Brazilian billionaire Batista to sell 49% in AUX gold to Qatar

Eike Batista, Brazil's richest man, is selling a 49-per cent stake in his AUX gold business to Qatar Investment Authority, the gulf state's sovereign wealth fund, for approximately $2 billion, according to a Bloomberg report Friday citing a person with knowledge of the transaction.

Batista's Rio de Janeiro-based holding company EBX Group Co decided to sell the stake after it shelved its plans to take the company public earlier this month. Yesterday Batista told reporters in Rio de Janeiro that he has sold a stake in AUX stake, without disclosing the identity of the buyer or the price.

AUX is EBX Group's gold, silver and copper mining company founded in 2010 which holds the mineral rights in the California-Vetas region in northern Colombia.

Earlier in March, Batista said he planned an initial public offering of the gold business AUX and list the company in Bogota, London and Sao Paolo.

Neither EBX nor Qatar Investment Authority commented on the transaction.

AUX acquired Canadian gold miner Ventana Gold Corp in 2011 for approximately $1.5 billion. Its flagship project is La Bodega mine in the Californian district in the Santander province, about 400km northeast of the country's capital Bogota.