Billionaire Sawiris To Expand His $1.5 Billion Gold Mining Reach
(Kitco News) - Egyptian billionaire Naguib Sawiris will be expanding his investment in the gold mining sector and adding to the $1.5 billion assets already owned, Financial Times reported.
The new investment venture will be focusing on acquiring operational gold mines without any jurisdictional limitations, reportedly looking at Latin America and Central Asia.
The launch is set for the beginning of next year.
The investment vehicle will run under Sawiris’ La Mancha Group and headed by Andrew Wray, Acacia Mining’s outgoing chief financial officer, the media reported citing sources familiar with the matter.
Wray’s resignation from Acacia has been known since early November and comes amid a long-running dispute with the Tanzanian government.
Sawiris got into gold mining in 2012 by privatizing La Mancha — a private natural resource investor.
Since then, La Mancha invested nearly a total of $1.5 billion in the gold mining sector, with more deals to come in the future.
“[Sawiris] truly believes in the gold sector and it’s a long-term investment. His appetite to continue to develop La Mancha is there,” Sébastien de Montessus, chief executive of Endeavour Mining said on Monday. La Mancha currently owns a 30% stake in Endeavour.