Billionaire Naguib Sawiris Eyes Stake in USD 7 Billion Gold Mine

Egyptian billionaire Naguib Sawiris is eyeing stakes in the Reko Diq Copper-Gold project, valued at USD 7 billion. The project, jointly owned by Canadian company Barrick Gold and the government of Pakistan, is located in the Balochistan region bordering Afghanistan and Iran, and is known for its vast untapped reserves of copper and gold.

With the capability to produce 200,000 tonnes of copper and 250,000 ounces of gold annually for over 50 years, Reko Diq represents one of the world's largest undeveloped copper and gold deposits. Sawiris, who has had a long-standing presence in Pakistan, sees this investment opportunity as advantageous.

While Sawiris did not provide specific details regarding the size of the investment, he acknowledged the limited alternatives in the region, citing a lack of geological data. The Reko Diq region has recently attracted attention from multinational mining companies, including Saudi Arabia, as they explore opportunities in challenging parts of the world.

Naguib Sawiris, through his company ORA Developers, has previously been involved in various ventures in Pakistan, such as the luxury housing project Eighteen and the establishment of Mobilink, one of the country's first mobile phone companies.