Sawiris-owned La Mancha launches $1.4bln gold mining fund

The first closing of the fund, which will be advised by La Mancha Capital Advisory has been finalised with the receipt of La Mancha's gold mining assets

  
Image used for illustrative purpose. Gold vein in a stone.

Image used for illustrative purpose. Gold vein in a stone.

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Cairo - La Mancha Holding, owned by the Egyptian billionaire Naguib Sawiris, has created a Luxembourg-based long-term fund primarily focused on gold mining, named La Mancha Fund SCSp.

The first closing of the fund, which will be advised by La Mancha Capital Advisory, has been finalised with the receipt of La Mancha's gold mining assets, in addition to a contribution of $100 million from an unnamed strategic investor, who will invest alongside the Sawiris family, according to a statement on Monday.

The fund currently manages more than $1.4 billion worth of assets and is considering several new opportunities.

"Transitioning to a fund structure and welcoming new investors is timely when we are seeing opportunities in a gold mining sector which is fragmented and needs further consolidation," the Chairman of La Mancha, Naguib Sawiris, said.

The fund will be focused mainly on "the gold and precious metals mining sector, but will also have the flexibility to invest in EV battery metals." the statement showed.

Source: Mubasher

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