Egyptian billionaire Naguib Sawiris is contemplating an investment in Barrick Gold Corp.’s $7 billion Reko Diq copper-gold project, located in the Balochistan region bordering Afghanistan and Iran. The Reko Diq project is one of the largest untapped copper and gold deposits globally, capable of annual production of 200,000 tons of copper and 250,000 ounces of gold for over 50 years, jointly owned by Barrick and Pakistan. Sawiris, a prominent figure in gold mining investments, has expressed interest in expanding his business presence in Pakistan, citing his familiarity with the country and a desire to invest in this significant project. While he did not specify the scale of the potential investment, Sawiris highlighted the limited alternatives, partly due to the scarcity of geological data. His optimistic outlook reflects a growing international interest in Reko Diq, with even Saudi Arabia considering involvement to stabilize the project in a challenging region.
Despite Pakistan’s intricate bureaucratic processes, currency instability, and capital restrictions, Sawiris remains determined to overcome obstacles, emphasizing his resolute pursuit of what he aims to achieve.