Egyptian billionaire Naguib Sawiris is looking to grow his business in Pakistan and eyes investment in Barrick Gold Corp.’s $7 billion Reko Diq copper-gold project, reported Bloomberg.
“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,” Sawiris said in an interview.
Sawiris, who has forged a fortune in telecom and gold, did not reveal how much he wanted to invest but he did say there were few alternative options, owing in part to a lack of geological data. “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,” he added.
The businessman seemed optimistic despite issues in Pakistan such as complicated official procedures, capital limitations, and a depreciating rupee.
Notably, Canada-headquartered Barrick Gold controls half of Pakistan’s Reko Diq mine, with the remaining half held by the governments of Pakistan and Balochistan. According to Barrick, the mine is one of the world’s largest undeveloped copper-gold regions.
Last month, Barrick CEO Mark Bristow said he was witnessing renewed interest in Reko Diq from other international players that had previously been unwilling to tap into risky regions of the world. The mine is also on Saudi Arabia’s radar, whose presence could help stabilize the project.
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