https://www.miningweekly.com
Gold|Mining|Technology|Products
Gold|Mining|Technology|Products
gold|mining|technology|products

Gold mining trio gets $3bn richer riding bullion's surge

30th July 2020

By: Bloomberg

  

Font size: - +

Tech and pharma may be getting the attention these days, but three mining billionaires are quietly padding their fortunes with an investment that’s decidedly more old school.

Saudi Arabia’s Mohammed Al Amoudi and Russia’s Alexander Nesis and Suleiman Kerimov have the largest exposure to gold among the world’s wealthiest people, according to the Bloomberg Billionaires Index. As a result, they’ve collectively become $2.8-billion richer this year.

With the coronavirus pandemic devastating economies and central banks and governments boosting stimulus measures, gold is once again king. Investors flocking to the precious metal pushed its price to a record high this week. Goldman Sachs Group, Citigroup and Bank of America, among others, say the rally could go even further as interest rates fall with the US dollar.

Kerimov, whose family controls about 77% of Polyus, Russia’s biggest gold miner, is now worth $6.6-billion, according to the Bloomberg index. He’s added $1.6-billion this year as his company’s shares have almost doubled in price. The fortune of Nesis, whose ICT Group has a 27% stake in Polymetal International, has risen to $3.7-billion, while that of Midroc Gold Mine’s Al Amoudi stands at $9.2-billion. Egyptian billionaire Naguib Sawiris said in March he was increasing his exposure to gold.

While gold bugs are gaining, 2020 has largely been the year of technology and pharmaceuticals as Covid-19 has kept people home and scientists race to find a cure.

Amazon.com’s Jeff Bezos, Tencent Holdings’ Pony Ma, and Jiang Rensheng, chairman of vaccine maker Chongqing Zhifei Biological Products, are among the billionaires whose fortunes have surged the most. They’ve gained more than $14-billion each this year, according to the Bloomberg index.

Edited by Bloomberg

Comments

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.291 0.325s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: