Egyptian billionaire Naguib Sawiris,
Egyptian billionaire Naguib Sawiris, known for his wealth in the telecom and gold industries, is considering an investment in Barrick Gold Corp.’s Reko Diq project in Pakistan, which has the potential to produce significant quantities of copper and gold.
Reko Diq, situated in the Balochistan region near Afghanistan and Iran, is one of the world’s largest undeveloped copper and gold deposits.
Sawiris, who is already a major investor in gold mining companies, expressed interest in the project due to his familiarity with Pakistan and personal connections in the country.
While the details of his potential investment were not disclosed, Sawiris emphasized his desire to invest on the Pakistani side of the project.
He noted that there are limited options in this region and that Reko Diq stands out as a significant opportunity, even though there is a lack of geological data.
Barrick’s CEO recently mentioned growing interest from multinational mining companies in Reko Diq. The project has also attracted attention from Saudi Arabia, which could help stabilize the undertaking in a complex geopolitical area.
Pakistan’s state-owned energy exploration firms, which have a stake in the Reko Diq project, have expressed interest in engaging with foreign sovereign investors.
Despite Pakistan’s bureaucratic challenges and financial constraints, Sawiris remains positive about his investment prospects, emphasizing his determination to overcome obstacles.
“If there is concrete in my way, I’ll drill through it and I’ll go,” Sawiris said. “I have never let anybody in my life hold me back from what I wanted to achieve.”
