Egyptian billionaire Sawiris acquiring gold mining assets across the world

Financial Times/Henry Sanderson/11-27-2017

“La Mancha has invested almost $1.5bn in gold miners making it one of the largest private investors in the sector globally, according to Sébastien de Montessus, chief executive of Endeavour. Mr de Montessus told a conference in London on Monday Mr Sawiris ‘truly believes in the gold sector and it’s a long-term investment’”.

MK note:  Sawiris, according to the Bloomberg Billionaires Index, is the 372nd richest individual in the world.  Augmenting great wealth with gold is an ancient predilection that can be traced to Mr. Sawiris ancestors who founded a great civilization along the Nile River beginning some 7500 years ago.

“Egypt is a land rich in gold, and ancient miners employing traditional methods were thorough in their exploitation of economically feasible sources. In addition to the resources of the Eastern Desert, Egypt had access to the riches of Nubia, which is reflected in its ancient name, nbw (the Egyptian word for gold). The hieroglyph for gold—a broad collar—appears with the beginning of writing in Dynasty 1, but the earliest surviving gold artifacts date to the preliterate days of the fourth millennium B.C.; these are mostly beads and other modest items used for personal adornment. Gold jewelry intended for daily life or use in temple or funerary ritual continued to be produced throughout Egypt’s long history.” – The Metropolitan Museum of Art

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