Mining
Monday, October 16th, 2023 2:16 pm EDT
Key Points
- Egyptian billionaire Naguib Sawiris is exploring the possibility of acquiring a stake in the Reko Diq copper-gold project, which has a total worth of $7 billion and is co-owned by Barrick Gold and the government of Pakistan.
- The Reko Diq project, located in the Balochistan region bordering Afghanistan and Iran, represents one of the world’s largest untapped copper and gold deposits. It has the potential to yield 200,000 tonnes of copper and 250,000 ounces of gold annually, starting in 2028, and is expected to operate for at least 40 years.
- Sawiris, who has accumulated substantial wealth through investments in various sectors, believes his extensive experience and connections in Pakistan give him a competitive edge as a potential investor in the Reko Diq project. The project has recently attracted attention from multinational companies and Saudi Arabia’s sovereign wealth fund, as noted by Barrick Gold’s CEO Mark Bristow. Naguib Sawiris is the second-richest individual in Egypt, with a net worth of $5.61 billion, trailing his younger brother Nassef Sawiris, the wealthiest person in Egypt and the entire Arab world.
Egyptian billionaire Naguib Sawiris is reportedly looking to acquire a stake in the Reko Diq copper-gold project, valued at $7 billion and co-owned by Barrick Gold and the Pakistani government. Sawiris, a significant investor in gold producers like Endeavour Mining through his La Mancha Holdings, views this potential investment as an opportunity to expand his business in Pakistan. The Reko Diq project, located in the Balochistan region on the border of Afghanistan and Iran, is one of the world’s largest undeveloped copper and gold deposits. It has the capacity to produce 200,000 tonnes of copper and 250,000 ounces of gold annually, starting in 2028, with an expected operational life of at least 40 years. Barrick Gold holds a 50% stake in the project, while the remaining 50% is owned by the Pakistani government and the province of Balochistan. Sawiris, who has substantial investments in various sectors, believes his familiarity with Pakistan and local connections give him an advantage as a potential investor in Reko Diq. Barrick’s CEO Mark Bristow has noted a growing interest from multinational companies in the Reko Diq project, with Saudi Arabia’s sovereign wealth fund also expressing interest. Naguib Sawiris is the second-wealthiest individual in Egypt, with a net worth of $5.61 billion, trailing his younger brother Nassef Sawiris, the richest person in Egypt and the Arab world.
For the full original article on CNBC, please click here: https://www.mining.com/egyptian-tycoon-eyes-stake-in-barricks-reko-diq-project/
