Egyptian billionaire Naguib Sawiris eyes mining investments at home with new law

Egyptian billionaire Naguib Sawiris is looking to invest in gold and copper mining in Egypt, Reuters reported on Monday.

“We’re looking at investing in mining in Egypt because we invest in mining around the world. They’re changing the mining law here and we hope to be investors here too,” Sawiris told Reuters.

Egypt’s new mining law has been approved but final details are yet to be revealed and published in the official gazette.

“We’re waiting for the details of the law. They issue a law and then the devil is in the details. Once this is done, we intend to look for gold and copper.”

Sawiris, a telecoms magnate whose family controls the sprawling Orascom business empire, is also chairman of private gold mining group La Mancha.

La Mancha owns investments in Toronto-listed Endeavor Mining, Australia’s Evolution Mining, and Ghana-focused Golden Star Resources.

The government hopes the new law will unlock investment in Egypt’s vast mineral wealth, which has been stalled by what miners describe as some of the world’s most discouraging terms.

Source: Reuters