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Egyptian billionaire Naguib Sawiris has hit a record net worth of $12.2 billion, adding $1.4 billion in a single month as surging gold prices lift the value of his La Mancha mining portfolio to new highs.
Sawiris owns a 70-percent stake in La Mancha Resources, a closely held company that invests in gold assets.
Sawiris predominantly holds his wealth in cash and closely held assets.
The cash proceeds invested by La Mancha will be deployed by SRG to develop its Lola graphite project in Guinea.
The fund will be dedicated primarily to gold mining.
A deal between AKH Gold and Egypt’s Petroleum and Mineral Resources Ministry will increase the Sawiris’ stake in the gold sector.
La Mancha Holdings announced the closing of a $159-million subscription to the shares of Endeavour Mining Corporation.