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Billionaire Naguib Sawiris bets on Egypt’s gold Egyptian billionaire Naguib Sawiris is backing his country’s drive to develop a gold industry following drastic changes to mining regulations passed last year. Altus Strategies’ subsidiary AKH Gold, majority owned by Sawiris, has inked four contracts to explore in nine blocks located in the country’s eastern desert.  The agreements, which will see AKH Gold invest around US$4.1 million in exploration, were among ten 10 new contracts for gold exploration signed on Feb. 17, worth more than US$11 million, The businessman’s love for gold...

Billionaire Naguib Sawiris bets on Egypt’s gold Naguib Sawiris. ( Egyptian billionaire Naguib Sawiris is backing his country’s drive to develop a gold industry following drastic changes to mining regulations passed last year. Altus Strategies’ subsidiary AKH Gold, majority owned by Sawiris, inked on Wednesday four contracts to explore in nine blocks located in the country’s eastern desert.  Sign Up for the Precious Metals Digest Sign Up The agreements, which will see AKH Gold invest around $4.1 million in exploration, were among ten 10 new contracts for gold exploration signed on Feb...

Investors now have until May 15 to bid on blocks that will be awarded to the winning companies by September 15.