Egyptian Billionaire Naguib Sawiris to Invest $10 Million in Graphite Mining
Egyptian billionaire Naguib Sawiris will invest $10 million in graphite mining. Sawiris will be doing this through his La Mancha Holdings mining business located in Luxembourg. La Mancha will be investing $10 million in SRG Mining Inc., a Canadian mining company focused on refining the Lola graphite discovery.
After completing the transaction through La Mancha Capital Advisory, a subsidiary of the Naguib Sawiris-led La Mancha Holdings, the fund’s portfolio will include nickel, a graphite developer, and a variety of other energy sources transition commodity investment opportunities that are actively being considered.
The anticipated share acquisition transaction for a total of 22,442,941 shares in SRG at a price of CAD0.56 per share represents a 19.9% stake in the graphite mining development organisation. This interest will be added to the fund’s holdings in gold miners.
According to the management, the investment is a key step forward in La Mancha’s development plan, which involves increasing and diversifying the fund’s portfolio of battery metals developers and manufacturers.
In reaction to the transaction, La Mancha’s chief investment officer, Vincent Benoit, commented that the fund’s investment in SRG signifies a further investment in the EV commodities market, maintaining the fund’s mission to promote the development of the mines required to achieve net-zero.
La Mancha announced that it would analyse the fund’s sustainability participating in future financing that would fundSRG through to production, with a reserve of $1.4 billion from the gold mining fund it formed last year.
SRG will use the financial earnings from La Mancha to develop its Lola graphite project in Guinea, as the $10 million capital investment will drive the thorough engineering required to allow the graphite deposit to be construction-ready by the end of 2022.
READ ALSO: 3 Unexpected Weekend Habits of Billionaires
5 Routines to Escape Poverty in 2023
There is no doubt that poverty is a harsh reality that people experience in different vari…