SAO PAULO--Unfavorable global conditions have led to a delay in the sale of a 49% stake in Brazil's AUX gold business, controlled by billionaire Eike Batista, to Qatar for $2 billion, according to a person with knowledge of the situation.
Negotiations for AUX, which mines gold in Colombia, started in the second half of 2012, after Mr. Batista gave up plans to take the company public, but talks stalled in December, the person said, adding that interest in a deal hasn't been abandoned.
"The willingness to go ahead still exists," the person said.
Talks were initially conducted between EBX and Qatar Mining Co. and then sent for final evaluation to Qatar Holding LLC, the investment house founded by the Qatar Investment Authority, which hasn't yet given its final word on the matter, according to the same person.
Emir H. H. Sheikh Hamad bin Khalifa Al Thani began a tour of South American countries this week, but he wasn't expected to meet with Mr. Batista, the person said.
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