News Alert’s Post

Pakistan plans to sell a 15% stake in the Reko Diq project to Saudi Arabia after Barrick Gold Corporation declined. This reduces Pakistan's overall shares from 50% to 35%, with Balochistan's stake remaining at 25%. Pakistan will become a minority shareholder in the project, with the federal government's shares dropping from 25% to 10%. Officials believe Pakistan's experience in joint ventures suggests being a minority shareholder won't pose challenges. Existing clauses prevent Barrick Gold from making significant decisions alone, giving Pakistan leverage. Saudi Arabia's involvement is expected to boost Pakistan's investment climate amid declining ratios. Saudi Arabia intends to increase stakes in more Reko Diq blocks. A formal announcement is imminent following a valuation report. The signing of the Free Trade Agreement (FTA) with the GCC is crucial, providing arbitration rights. Pakistan accepts recourse to international forums in investment disputes. Negotiations with Saudi Arabia have progressed well. #Pakistan #SaudiArabia #InvestmentDisputes

Pakistan and Saudi Arabia have reached a tentative agreement to sell Islamabad’s 15% shares in the Reko Diq project to Saudi investors, reports The News. This decision comes after Barrick Gold Corporation declined to sell its stakes in the multibillion-dollar project. With this development, Pakistan’s overall shares in the Reko-Diq project are anticipated to decrease from the current 50% to 35%. Out of this 35%, the Balochistan government will retain its existing 25% share, while the federal government’s State-Owned Enterprises (SOEs) stakes will decrease from 25% to 10%. According to official sources, Pakistan will become a minority shareholder in the project following this move. They cited the country’s experience in running joint ventures with international players, such as in the case of PTCL and the banking sector, as a factor informing this decision. Additionally, there are clauses in the existing agreement with Barrick Gold that prevent unilateral major decisions, especially regarding investments. Pakistan can invoke these clauses in case of urgent needs, sources added.

Pakistan and Saudi Arabia have reached a tentative agreement to sell Islamabad’s 15% shares in the Reko Diq project to Saudi investors, reports The News. This decision comes after Barrick Gold Corporation declined to sell its stakes in the multibillion-dollar project. With this development, Pakistan’s overall shares in the Reko-Diq project are anticipated to decrease from the current 50% to 35%. Out of this 35%, the Balochistan government will retain its existing 25% share, while the federal government’s State-Owned Enterprises (SOEs) stakes will decrease from 25% to 10%. According to official sources, Pakistan will become a minority shareholder in the project following this move. They cited the country’s experience in running joint ventures with international players, such as in the case of PTCL and the banking sector, as a factor informing this decision. Additionally, there are clauses in the existing agreement with Barrick Gold that prevent unilateral major decisions, especially regarding investments. Pakistan can invoke these clauses in case of urgent needs, sources added. #Pakistan #saudiarabia #news

Pakistan plans to sell a 15% stake in the Reko Diq project to Saudi Arabia after Barrick Gold Corporation declined to increase its share. This move reduces Pakistan's overall shares from 50% to 35%, while Balochistan's stake remains at 25%. Consequently, the federal government's share will drop from 25% to 10%, making Pakistan a minority shareholder in the project. Officials are confident that being a minority shareholder will not pose significant challenges, based on Pakistan's previous joint venture experiences. Existing clauses in the agreement prevent Barrick Gold from making significant decisions unilaterally, thereby providing Pakistan with considerable leverage. Saudi Arabia's involvement is anticipated to enhance Pakistan's investment climate amid declining investment ratios. Furthermore, Saudi Arabia aims to increase its stakes in more Reko Diq blocks, signaling robust interest in the project. A formal announcement regarding the stake sale is expected soon, following the completion of a valuation report. The signing of the Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) is deemed crucial, as it provides arbitration rights. Pakistan has also accepted recourse to international forums in case of investment disputes. Negotiations with Saudi Arabia have progressed well, indicating a positive outcome. Visit https://lnkd.in/dYepVRg8 to know more about us #Pakistan #SaudiArabia #RekoDiq #Investment #Mining #BarrickGold #Balochistan #JointVenture #FTA #GCC #EconomicGrowth #InvestmentClimate

Who did the cost benefit analysis of this project? Where is the document for all to see and read of this benefits? How come this document which has the promise for PNG not made public? When the PNG LNG project started, this were the same sentiments shared and to date, we are yet to see the full benefits of the PNG LNG? Such big deals need to involve state enterprises, who have the knowledge pool, but, to date, i have not seen any state institution being involved in this, and supporting this. Who is doing most of the work for the Government to give them this figures? Who is behind the Government to negotiate the benefits to the state, when state institutions are not involved? Please lets get some clarity from the the big number guys. -Boniface Aipi

still trying to understand those terms and percentage mentioned.

Seems that this is being pushed for personal gain, like many others, PNG LNG, Connect PNG, and more...Government has been misleading people with biased rhetoric about the benefits, drawing attention away from things that matter more... Was due process followed? Provide the evidence. There are standards and values that must never play second fiddle to ego and pride of national leaders, bodies or political parties. Did you give the opposition sufficient time to review and rebut? Did you take heed of their concerns and those of citizens, and provided relevant answers? Which relevant state institutions were involved? If any... Was there Total Accountability and Transparency in this bill, agreement? Where is the document for us all to peruse, it is a State Entity, and every citizen has the right to question and to be privy to the agreement details. Stop this nonsense. Do things properly, have proper inputs, and debates. Word on the grapevine is there are tax exemptions for the lifetime of the project agreement, no corporate taxes, no laws to oversee. And who are the shareholders.? Rumor also that we might not be able to ever change it when it becomes law. Are these rumors true??? If there is an inch of truth in the rumors, I wonder what type of a democracy exists in PNG...

The first Gold Refinery and Mint the Country had was fully owned and operated by a PNG Company. Why is Marape going to foreigners like we never had a refinery and mint before?!? We have enough local investors like Resource LOs, local Gold Buyers, Superfunds, etc...who can participate in this economic game changer when offered the opportunity to invest! Dear PMJM, if you are serious about TakeBackPNG, this Investment should be reserved for PNG nationals only. #Goldrefinery #Goldbullion #Goldmints #Takebackpng #economy

Majority stake of #dubaimercantileexchange ids acquired #ksa based #TADAWUL and DME will be rebranded as the Gulf Mercantile Exchange to reflect its position as the key regional commodities exchange in the Middle East with global relevance. Even though my understanding of the Oil trade and commodities exchange business is minimal , I believe this is a strategic move which will help KSA, UAE & OMAN. This is relevant considering DME OQD Contract is the largest in Oil futures..... the crude oil futures contract that generates the world’s largest amount of physically delivered crude oil - physical delivery volumes reached 210 million barrels of oil in 2023, The investment by Saudi Tadawul Group brings together world-class strategic partners and expertise to accelerate DME's growth potential, including #cmegroup , the Oman Investment Authority, and #DubaiHolding alongside global financial and commercial shareholders. The partnership will unlock further opportunities in the energy, metals, and agricultural commodity markets and support the ongoing transition to a sustainable economy through the launch of next-generation derivative contracts. We wish the #difc company will significantly grow in the days to come. #oilindustry #startegy

KEFI Gold and Copper said it has formally launched the Tulu Kapi Gold Mines project in Ethiopia after a decision by the board of local subsidiary TKGM, which includes representatives from the Ethiopian Federal and Oromia Regional Governments. “This decision to launch Tulu Kapi follows the deployment of dedicated site policing and the conditional confirmations that quickly ensued from all members of the project's finance syndicate.” An updated corporate presentation will be uploaded to the company website, KEFI said, and includes a summary of Early Works, Major Works, Key Milestones, Finance Plan and Key Economic Metrics. Harry Adams, KEFI's executive chairman commented: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices. "We can now proceed to safely complete our Early Works on schedule and satisfy all conditions precedent to drawdown full project finance as outlined,... More at #Proactive #ProactiveInvestors http://ow.ly/NOCm105tJ8c