The owner of Labranda Hotels, a Meeting Point chain leveraged on the FTI Touristik brand, ends 2023 with the plan in mind to reorganize the business in the south of Gran Canaria while wanting to increase its exposure in the gold business. In the south of the island Canaima apartments have ceased operations with Meeting Point and are managed by the property. Labranda Playa Bonita in May 2024 ceases to operate under this brand and, after some structural details, they pass to Servatur Hotels & Resorts. The chain has had problems with companies in the south of Gran Canaria since the start of the Covid19 pandemic.
Naguib Sawiris, who partially controls Endeavor Mining, West Africa's largest gold producer, is one of the investors interested in Pakistani gold. The man who made his fortune in the tourism, telecommunications and gold sectors, in particular thanks to a stake in Endeavor Mining with his family, has indeed mentioned his interest in the Reko Diq copper-gold project, owned by Barrick Gold and Pakistani companies. This is to have businesses linked to renewable energies.
According to Barrick, Reko Diq has the potential to become one of the ten largest copper mines in the world in a few years. It will be able to deliver 250.000 tons of copper and 300.000 ounces of gold per year in its initial phase, then up to 450.000 tons of copper and 500.000 ounces of gold per year in phase 2, for a total useful life of 42 years. Barrick said the investment required at Reko Diq is expected to reach $7 billion and allow it to double its annual copper production by 2031. The Canary Islands' GDP is €44.000 billion.
While he did not detail the form his stake in Reko Diq would take, it is worth noting that Naguib Sawiris is not the only investor attracted to Reko Diq's potential. Last month, Barrick CEO Mark Bristow indicated that multinational mining companies are showing "interest" in the asset, at a time when analysts agree on growing global demand for copper and the risks of shortages that are likely to occur. make prices rise.
Barrick currently has a 50% stake in Reko Diq, compared to 25% by Pakistani domestic companies and 25% by Balochistan province, which hosts the project.
As of June 30, 2023, Naguib Sawiris controlled, together with his family, an 18% stake in Endeavor Mining, through the family company La Mancha. Endeavor Mining is the leading gold producer in West Africa, with mines in Burkina Faso, Ivory Coast and Senegal.
Naguib S. Sawiris 
