CAIRO (Reuters) – Egyptian billionaire Naguib Sawiris said on Monday he intended to invest in gold and copper mining in Egypt but was waiting to see the details of a new mining law designed to attract more investment.
The law has been approved but final details are yet to be published in the official gazette.
Sawiris, a telecoms magnate whose family controls the sprawling Orascom business empire, is also chairman of private gold mining group La Mancha.
La Mancha has investments in Toronto-listed Endeavor Mining <EDV.TO>, Australia’s Evolution Mining <EVN.AX> and Ghana-focused Golden Star Resources <GSC.TO>.
“We’re looking at investing in mining in Egypt because we invest in mining around the world. They’re changing the mining law here and we hope to be investors here too,” Sawiris told Reuters.
“We’re waiting for the details of the law. They issue a law and then the devil is in the details. Once this is done, we intend to look for gold and copper.”
The government hopes the new law will unlock investment in Egypt’s vast mineral wealth, which has been stalled by what miners describe as some of the world’s most discouraging terms.
(Reporting by Aidan Lewis, editing by Deepa Babington)