Egypt’s Billionaire Naguib Sawiris Reportedly Eyes Stake In Barrick Gold’s $7B Reko Diq Mine
Egyptian billionaire Naguib Sawiris is keen on acquiring a stake in Barrick Gold Corp.’s $7 billion Reko Diq copper-gold project, signaling plans to expand his business interests in Pakistan, Bloomberg reported.
In an interview in Islamabad, Sawiris confirmed his interest in investing, saying he has an edge over other investors because of his extensive knowledge of the country and longstanding friendships there. “We want to be on the Pakistani side because I have been here for 25 years,” he said. He acknowledged, however, that options are limited, citing a scarcity of geological data and pointing to Reko Diq as the main opportunity.
Sawiris, a major investor in gold miners through La Mancha Resources, remained optimistic despite hurdles such as Pakistan’s rigid official procedures, an unstable currency and capital restrictions. “If there is concrete in my way, I’ll drill through it and I’ll go,” he said.
Ranked fifth on Outlook Middle East’s World’s Richest Arabs 2023 list, Sawiris had an estimated net worth of $3.3 billion as of October 16, 2023. He made his fortune in telecommunications, most notably selling Orascom Telecom to Russian telecom firm VimpelCom (now Veon) in a multibillion-dollar deal in 2011.
According to Bloomberg, the Reko Diq project, jointly owned by Barrick and Pakistan, could produce 200,000 tons of copper and 250,000 ounces of gold a year for more than 50 years. Located in the Balochistan region, which borders Afghanistan and Iran, the project drew attention from multinational mining firms in September, with Barrick CEO Mark Bristow noting increased interest despite the challenges of investing in complex regions. Saudi Arabia has also shown interest, which could add to the project’s stability.
Pakistan’s state-owned energy exploration companies, which hold a stake in Reko Diq, said last month they were considering “potential engagement” with sovereign foreign investors, but declined to give further details. Sawiris’s possible involvement adds a new dimension to foreign investment in Pakistan’s promising mining sector.
