Egyptian billionaire Sawiris sets up $1.4bn gold mining vehicle

Egyptian billionaire Naguib Sawiris has set up a $1.4bn fund to hold his gold mining investments and pursue new opportunities in the sector, which he says is need of consolidation.

The Luxembourg-based La Mancha Fund will be a “deep value, long-only fund” dedicated to gold mining and open to new investors, Sawiris said. The fund will also invest in battery metals needed for electric cars.

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