The billionaire founder and chairman of Barrick Gold, the world’s biggest gold firm, is to convert the former navy port in Tivat, Montenegro, into a yachting port, according to Reuters.

Peter Munk is renovating Porto Montenegro, Munk’s company, into a 4 km, 630-berth marina and resort complex.

A berth would cost £130,000 per annum for a 75-metre yacht, compared to nearly £1m a year in Antibes, France, said Oliver Corlette, the firm’s managing director.