Egyptian billionaire Naguib Sawiris, who has forged a fortune in telecom and gold, is eyeing an investment in Barrick Gold Corp.’s $7 billion Reko Diq copper-gold project as he looks to expand his business in Pakistan.
Reko Diq, in the Balochistan region that borders Afghanistan and Iran, is one the world’s largest undeveloped copper and gold deposits, capable of producing 200,000 tons of copper and 250,000 ounces of gold a year for more than half a century. The project is jointly owned by Barrick and Pakistan.
Asked whether he was interested in investing, Sawiris, a major investor in gold miners including Endeavour Mining Plc through his La Mancha Resources Inc., said “yes.”
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