La Mancha Resources
TELECOMS tycoon Naguib Sawiris is convinced now is a good time to be in gold. He made his first major investment in the sector in 2015 via a 31% stake in Evolution Mining, an Australian gold producer. And, in the same year, he followed this with a 30% stake in Endeavour Mining which has interests in a number of West African gold mines. However, these ownership structures may not be giving Sawiris the full exposure he requires. Hence plans for the creation of a new gold investment company, which will be managed by Andrew Wray – the Spanish-speaking former CFO of Acacia Mining. Sawiris and Wray met while negotiating the potential £3bn takeover of Acacia by Endeavour, which Sawiris wisely called off given Acacia’s subsequent problems with the Tanzanian government. The remit of the gold investment company, which is held through La Mancha Resources – an entity Sawiris bought from French group Areva in 2012 – is to buy operating mines throughout the world, including Africa. Sawiris has a particular interest in Senegal, Gabon, Mali and other West African districts, but he’s also our de facto gold bull given the concerted effort and money he’s putting into finding new opportunities in a sector that others have avoided.
LIFE OF NAGUIB
A long-time employee of the IDC, where he has headed various business units, Malinga joined the executive committee in 2011. He has extensive experience in project development and financing in the mining and agricultural sectors. Malinga holds a BSc from the University of Cape Town and a Master’s in Business Leadership from Unisa.
- Web Address: www.lamancha.com