Egyptian Business Tycoon Naguib Sawiris Sets Sights on Pakistan's Reko Diq Mine
He is determined to move forward with the project, despite challenges, emphasizing his familiarity with the country. The Reko Diq mine is jointly owned, with Barrick Gold and the governments of Pakistan and Balochistan having stakes.
Karobar
Renowned Egyptian billionaire Naguib Sawiris is actively exploring opportunities to expand his business ventures in Pakistan, with a keen focus on the potential of the Reko Diq gold-copper mine. In a recent interview with Bloomberg, Sawiris, who has garnered his wealth primarily in the telecommunications and gold industries, views Pakistan as a highly promising investment destination.
In the course of the interview, he elaborated on his interest in the Reko Diq project, emphasizing the unique advantages he brings to the table: "I have an advantage over other investors. I'm familiar with the country, and I have friends here. We want to be on the Pakistani side because I have been here for 25 years."
Although Sawiris did not specify the exact amount he intends to invest, he expressed his unwavering commitment to advancing this venture, even in the face of challenges, such as the scarcity of geological data. He boldly declared, "If there is concrete in my way, I'll drill through it and I'll go. I have never let anybody in my life hold me back from what I wanted to achieve."
The Reko Diq mine is jointly owned, with Canada's Barrick Gold having a 50% stake, while the remaining 50% is held by the governments of Pakistan and Balochistan. According to Barrick, this mine represents one of the largest untapped copper-gold regions globally.
Barrick's CEO, Mark Bristow, recently noted a growing interest in the Reko Diq project from international players who were previously hesitant due to perceived risks. Additionally, Saudi Arabia is also contemplating involvement, potentially bringing stability and support to the project.
