Cairo – Mubasher: Egyptian billionaire Naguib Sawiris said that his La Mancha Group is planning to buy more underground gold mines in Africa, Reuters reported.
The group is ready to purchase mines that will be sold by Barrick Gold and Randgold Resources after their merger, Sawiris told reporters on the sidelines of the Mines and Money conference in London.
“[The Barrick disposals] might be in geographies where we are very strong and that makes sense for us. We can extend the mine lives,” he said.
He noted that he is looking forward to buying 10-year old mines at least with a production capacity averaging between 150,000 and 250,000 ounces per annum.
Sawiris previously said that he would reinvest in Sudan in the near future.
In May, the Egyptian mogul had invested half of its $5.7 billion net worth in gold.
