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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 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 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.

🌟 Here's a snippet from the KEFI Gold and Copper plc interview with focusIR. KEFI has launched its Tulu Kapi Gold Project in Ethiopia, with production expected in mid-2026. ⛏️🌍 Executive Chairman Harry Anagnostaras-Adams explains why it’s taken 15 years to reach this point and why 2024 is the right time to launch, citing international and national geopolitics and the gold price. 📈 Tulu Kapi is projected to deliver up to 200,000 ounces of gold and silver annually, potentially generating £100m net profit per year at current prices. 💰 KEFI also has two projects advancing in Saudi Arabia, with significant potential. 🇸🇦 Key points: Potential for 200,000 oz/year from Tulu Kapi 🌟 Possible £100m net profit per year 💷 Status of other projects 📊 Management’s dividend strategy 📉 $1 billion commitment to Tulu Kapi 💵 Harry concludes, “The timing couldn't be better for us to deliver against this opportunity.” 🎯 #KEFI #Gold #Copper

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

🌟 Why is Dangote backing out of his future steel investment plan? 🌟 Dangote Industries Limited, led by Africa’s richest man, Aliko Dangote, is shifting gears. Despite successfully launching the 650,000 barrel per day refinery in May 2023, Dangote has decided to step back from local steel production. 🏭 While attending the Afreximbank Afro-Caribbean Trade & Investment Forum in The Bahamas, Dangote mentioned his vision to fully equip Nigeria for Industry 4.0. Yet, he now encourages other notable entrepreneurs to take on transforming the steel industry. 💡 📍Read the full article for more insights: https://lnkd.in/dnBV5Mef #Dangote #SteelIndustry #Nigeria #Investment #Industry40 #BusinessNews #MeizaNigeria

Refined Gold Adds $5m To Nigeria’s Foreign Reserves – Alake Minister of Solid Minerals Development, Dr. Dele Alake, has said the first commercial transaction of refined gold under the National Gold Purchase Programme (NGPP), resulted in over $5 million increase in Nigerian’s foreign reserves assets. Alake disclosed this when he presented to President Bola Ahmed Tinubu, the latest gold bars sourced from artisanal and small gold miners and refined by an agency of the Ministry, Solid Minerals Development Fund. According to Alake, the gold was refined to meet the London Bullion Market Association Good Delivery Standard. The minister also said it injected around ₦6 billion into the rural economy. https://lnkd.in/dbyNphTE #News #Trends #Trending #primebusinessafrica #fyp #Newsupdate #Latestnews #inflation #budget #money #family #finance #tips #viral #trending #socialmedia #nigeria #news #today #pba #africa

📊🚀Focus on the news and opportunities driving our financial market this week!   CEMAC: The BEAC Ebibeyin branch Equatorial Guinea at the heart of a counterfeit banknote scandal.   UEMOA: Ivory Coast grants 09 new exploration permits for gold, nickel and rare earths.   Investment opportunities💸: This week, the main opportunities on the money market concern #Congo, #Gabon and #Chad, which will issue BTAs and OTAs.   Dear investors, find out all about this news and the details of the various opportunities in our 📊 weekly review.   Building wealth, together!   #Cemac #WeeklyReview #FinancialMarkets #Investment #News #Opportunities #Cameroon #Invest #Wealth #Finance #Africa #Stock market #MarketTrends #EconomicPerspectives

Saudi Tadawul Group has completed the acquisition of a 32.6 per cent stake in Dubai Mercantile Exchange (DME), a $28.5m (SAR107m) deal that makes the stock exchange operator the joint largest shareholder along with US-based CME Group. Under the deal, GME is set to undergo a transformation. It will be rebranded as the Gulf Mercantile Exchange (GME) and will expand in energy, metals, and agricultural products. Tadawul also has the option to take majority control of the exchange after four years, paving the way for a promising future. Founded in 2007, GME lists the Oman crude oil futures contract and counts Oman Investment Authority and Dubai Holding among its shareholders. Tadawul’s investment represents a significant opportunity to leverage world-class capabilities and expertise, accelerating GME’s growth as a regional commodities leader that is well-positioned to capture global commodities demand. Saudi Tadawul Group | Dubai Mercantile Exchange (DME) | #Commodities | #Oil | #Omancrude

#Dangote #Handofgold #SteelNigeria The renowned billionaire and business magnate, Aliko Dangote, has announced his latest venture into the steel production industry in Nigeria. This bold move by the industrialist is set to revolutionize the steel manufacturing sector in the country and create vast opportunities for economic growth and development. Dangote's foray into steel production signifies his commitment to not only expanding his business empire but also contributing to the industrial advancement of Nigeria. With his track record of success in various industries, there is no doubt that his venture into steel production will bring about positive changes and propel Nigeria towards becoming a major player in the global steel market. In a country where infrastructure development is crucial for economic prosperity, Dangote's entry into the steel industry is indeed a game-changer. The production of steel is essential for the construction of buildings, roads, bridges, and other critical infrastructure projects, which are vital for the progress of any nation.