Sawiris: Egypt Is Rich in Gold, but Armed Illegal Mining Threatens Company Investments

Business tycoon Naguib Sawiris affirmed that Egypt possesses significant quantities of gold and promising underground reserves. However, he warned that the sector faces a serious challenge due to the spread of mining activities led by armed gangs targeting areas allocated to licensed exploration companies.

In an interview on "Kalam Business" aired on CNN Business Arabic, Sawiris explained that these gangs carry out gold mining operations without obtaining any legal permits or paying taxes to the state, constituting a blatant infringement on Egypt’s natural resources and the rights of legitimate companies operating in the sector.

He pointed out that initial exploration results by licensed companies have shown promising and direct indicators, reflecting Egypt’s substantial potential in the gold industry. He emphasized that eliminating illegal mining operations would pave the way for increased investments and strengthen Egypt’s position as a regional hub for gold production and export.

Sawiris is one of the most prominent investors in the gold mining sector both regionally and internationally through his company, La Mancha Holding, which owns stakes in several global mining firms. The company has recently expanded its operations in the Egyptian market. Previously, Sawiris announced plans to inject new investments into Egypt’s gold mining sector, expressing his confidence in the country’s vast potential and its ability to become a major destination for mining investment, provided that current security and regulatory challenges are effectively addressed.