Billionaire Naguib Sawiris, Chairman of Orascom Investment Holding, told Al Arabiya website that the company's investments in gold mines amount to $1.5 billion.
Sawiris added that there are three phenomena that led to gold prices rising.
The first phenomenon is the decrease in the number of mines in recent years, explaining that it takes 6 years for the new mine to start production since the announcement of its discovery.
Sawiris explained that this decrease in supply is leading to an increase in demand, especially demand from Russia and China, noting that this helps raise the price of gold.
A specialized exploration company was established and it obtained 9 exploration licenses in Egypt, in addition to licenses in Uzbekistan, Sawiris said, adding: “We are waiting for the end of the war in Sudan to start working there,” according to the Egyptian businessman.
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