Billionaire Sawiris Hopes to Join Egypt Gold Rush as Rules Eased
- Chairman of La Mancha in talks with government over new tender
- Nation’s 2nd-richest man has sought to mine in homeland before
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One of Egypt’s richest men has long coveted a role in his nation’s gold-mining industry. Now, a shakeup in regulations and a potential auction of new licenses could give Naguib Sawiris a shining opportunity.
The Egyptian government “already started talks with us as well as other companies to promote the new tender,” Sawiris, the chairman of La Mancha Holding S.a.r.l., said in a phone interview. “We are willing to participate in any area that could be promising.” He didn’t specify which of the firms he’s involved with would submit bids.