Cairo - Mubasher: Egyptian businessman Naguib Sawiris plans to launch a new investment company to acquire gold mining assets across the world, according to Financial Times.
The new company will be a subsidiary of Sawiris’ La Mancha Group, which owns most of Canada’s Endeavour Mining and Australia’s Evolution Mining, the newspaper added.
The mining company will be headed by the outgoing chief financial officer of London-based Acacia Mining Andrew Wray in January, according to three people familiar with the matter.
In April, the Egyptian billionaire injected a further $48 million into Endeavour through a private placement, as La Mancha’s total equity investment reached approximately $190 million.
