Billionaire establishes US$1.4 billion dollar gold fund
Naguib Sawiris, an Egyptian billionaire has established a US$1.4 billion fund to hold his own mining investments and to pursue new opportunities in the mining sector. The fund will also invest in battery metals that are required for electric vehicles. The fund will be used as a vehicle to invest in some of the smaller miners and to encourage consolidation among the small miners through M&A. The founder of the fund has also said that the fund will be used to assist companies with their expansion through exploration and new mines.
Source: https://www.ft.com/content/5cc8e9a5-3c2a-40a0-b795-e526dbb31104
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