Egyptian billionaire Naguib Sawiris is exploring opportunities to expandhis business in Pakistan, with a particular interest in investing inBarrick Gold Corp.’s ambitious $7 billion Reko Diq copper-gold project, asreported by Bloomberg. In a recent interview, Sawiris expressed hisadvantage over other investors due to his familiarity with the country anda network of friends established over his 25-year presence in Pakistan.
Sawiris, known for his success in the telecommunications and goldindustries, did not disclose the specific amount of his intended investmentbut mentioned limited alternatives for investment, citing a scarcity ofgeological data.
He emphasized his determination to overcome obstacles, stating, “If thereis concrete in my way, I’ll drill through it and I’ll go. I have never letanybody in my life hold me back from what I wanted to achieve.”
Despite challenges in Pakistan, including complex bureaucratic procedures,financial constraints, and a depreciating national currency, Sawirisremained optimistic about the venture. Notably, Barrick Gold, headquarteredin Canada, holds a 50% stake in the Reko Diq mine, with the remaining halfjointly owned by the governments of Pakistan and Balochistan. Barrick Goldhas asserted that the mine represents one of the world’s largestundeveloped copper-gold resource areas.
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Mark Bristow, the CEO of Barrick Gold, had previously noted a resurgence ofinterest in the Reko Diq project from international investors who werepreviously hesitant to invest in regions considered risky. Additionally,the project has attracted the attention of Saudi Arabia, whose involvementcould potentially contribute to stabilizing the endeavor.