Evolution talks with Egypt billionaire

Evolution Mining is in talks to buy an Egyptian billionaire's gold mine in Kalgoorlie as it looks to take advantage of weak prices.

Evolution said discussions were taking place with the Naguib Sawiris' private company La Mancha Resources regarding the Frog's Leg Gold Mine.

Mr Sawiris, whose business interests are more geared towards telecommunications in the Middle East, paid nearly $500 million for La Mancha in 2012 for an exposure to gold.

The 60-year-old's net worth is more than $US3 billion, according to Forbes Magazine, placing him number 10 on a list of Africa's 50 richest people.

Evolution chairman Jake Klein signalled an enthusiasm for acquisitions in Febuary and told a Hong Kong mining conference this week that assets were cheap, and as much as half of Australia's gold output could change hands in the next two years.