ISLAMABAD: Egyptian billionaire Naguib Sawiris reportedly has a $7 billion investment on the table in Barrick Gold Corp.’s ambitious Reko Diq copper-gold project.
According to the reports, this significant development marks a pivotal moment in the mining and resource sector as Sawiris looks to expand his business interests in Pakistan.
The Reko Diq project, jointly owned by Barrick Gold and the Pakistani government, is poised to become a global resource powerhouse. With the capability to produce 200,000 tons of copper and 250,000 ounces of gold annually for over half a century, it holds immense promise for investors.
In an exclusive interview in Islamabad, Sawiris stated that he has cited a unique advantage over other potential investors due to his deep-rooted connections and extensive knowledge of Pakistan. He said, “I know the country; I have friends here.”
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His established relationships and quarter-century presence in Pakistan have further solidified his commitment to invest in the project.
This potential investment is significant for Sawiris and can boost the development of the Reko Diq project and strengthen economic ties between Egypt and Pakistan.
Long and complicated bureaucratic processes, a volatile currency, and capital controls in Pakistan are obstacles to investment, but Sawiris said he was still optimistic.
He declared, “I’ll drill through it and go if the concrete is in my way.” “I have never allowed anyone to stop me from achieving my goals.”
