Naguib Sawiris backs new mining reforms in Egypt

Egyptian billionaire Naguib Sawiris has thrown his support behind new reforms by Egypt’s Ministry of Petroleum and Mineral Resources, which aim to attract investment into the country’s mining industry and expand gold exploration at a time when global prices for the metal are hitting record highs.

Sawiris backs Egypt’s mining reforms

In a recent meeting with Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, Sawiris praised the government’s latest steps to strengthen the sector. The Egyptian billionaire said the use of scientific data from aerial surveys marks a turning point in how Egypt approaches its natural resource potential.

Sawiris noted that the reforms could open new ground for investment, especially in gold mining. He said current exploration projects in the Western Desert are showing strong promise and that faster execution of existing partnerships will be key in the years ahead.

Investor confidence rises as Egypt reforms mining

Badawi, on the other hand, stressed how important it is to have investors like Sawiris engaged in the sector. He said their participation reflects growing confidence in the local investment climate and the state’s ongoing efforts to create a more competitive business environment.

The minister outlined measures already underway, including the creation of a new body—the Mineral Resources and Mining Industries Authority—to replace the Egyptian Mineral Resources Authority. The new agency will work as a separate business, doing aerial surveys, looking at geological data, and giving investors detailed information about possible mining areas.

Sawiris’ mining stakes surge as gold climbs

Sawiris is no stranger to the mining business. Through In2Metals, a Luxembourg-based company he fully owns, he has built a portfolio focused on gold and copper exploration across Africa. In Egypt, his firm holds an 80.1 percent stake in Akh Gold, which leads exploration work in the Eastern Desert.

His growing fortune mirrors the rally in gold prices, which have surged more than 50 percent this year, driven by steady central bank buying, inflows into gold-backed exchange-traded funds and geopolitical tensions pushing investors toward safe-haven assets.

The effect on Sawiris’ holdings has been striking. As of Oct. 7, the value of his private investments—mainly through La Mancha Resources, which holds stakes in Endeavour Mining and Evolution Mining—was estimated at nearly $8 billion. His stake in Endeavour Mining has grown from $500 million to $1.45 billion, and his share in Evolution Mining has grown from $150 million to $443 million.