Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
thanks for the reminder re the mysterious 'protocol gaffe' of a couple of months back. i wonder if someone spoke - or didn't speak - out of turn ?
anyhoo, the rewards of 'investment co-operation' seem to be following swiftly in the wake of rekodiq developments .
from ashmore research :
.."****stan: the united arab emirates (uae) unveiled a substantial usd 10bn investment pledge targeting "promising" economic sectors within the country. the pledge followed a meeting between uae president mohammed bin zayed al nahyan and ****stan prime minister shebaz sharif. the initiative aims to enhance economic development and foster cooperation between the uae and ****stan, a significant step forward in their bilateral relations..."
'put that in your pipe and smoke it, big den'.
atb
Plenty of positivity from Marty, such as 'one of the most exciting FS I have ever read...', 'huge and unique opportunity', 'robust numbers', and 'huge investment opportunity for our Strategic Investors'.
Marty was in China last week and is in Japan this week - 'very interested Strategic Investors'.
For our purposes the key phrase has to be, '(Marty is) very confident that this process (2024 FS delivery) will lead to a construction decision as in a financial investment decision...'
KNAUTH MENTIONED HIS RECENT TRAVELS TO CHINA AND JAPAN, WHERE HE ENGAGED WITH POTENTIAL INVESTORS, RECEIVING POSITIVE FEEDBACK. HE NOTED THAT THE DETAILED 2024 FEASIBILITY STUDY HAS FACILITATED THESE DISCUSSIONS.
10 views 28 May 2024 #proactiveinvestors #zanagaironorecompanylimited #aim
Zanaga Iron Ore CEO Marty Knauth joined Steve Darling from Proactive to share significant updates regarding the company's flagship asset, the Zanaga Iron Ore Project located in the Republic of Congo. With all necessary permits and licenses secured, Zanaga Iron Ore is poised to capitalize on the positive outcomes of its 2024 Feasibility Study update.
Knauth highlighted the robust economics of the project, particularly its staged development plan. The first stage involves a capital investment of US$1.94 billion, with operating costs projected at US$31.5 per dry metric tonne (dmt) of finished ore. The net Present Value (NPV) is estimated at US$3.68 billion, with an Internal Rate of Return (IRR) of 26.2%.
Moving forward, the company plans to focus on magnetite expansion projects, including infrastructure enhancements such as a buried concentrate pipeline and port infrastructure. These developments are expected to further bolster the project's economic viability and attract potential strategic investors.
The positive feasibility study results provide increased confidence in the project's economic feasibility within the current market and cost environment. This serves as a catalyst for potential investors to consider funding the next phase of the project, which entails front end engineering and design programs to refine project elements and mitigate risks.
Furthermore, the next phase will prioritize the development of management plans for various aspects including environment, community, training, health, water management, mine waste, and closure. These efforts underscore Zanaga Iron Ore's commitment to responsible and sustainable resource development practices.
Knauth mentioned his recent travels to China and Japan, where he engaged with potential investors, receiving positive feedback. He noted that the detailed 2024 feasibility study has facilitated these discussions. The company is currently focused on finalising the front-end engineering program, integrating technical, social, and risk assessments, and preparing for a construction decision.
https://www.youtube.com/watch?v=vELdbUybOQ0
The position of the port and ad ports engagement seems to be entwined with trade agreements.
Big D was set to ratify the Congo-UAE CEPA (Comprehensive Economic Partnership Agreement) when he visited the
Emirates in February, 8th-13th. However the smooth running was derailed by some protocol faux pas which ended in 2 senior Congolese diplomats being sacked.
https://www.jeuneafrique.com/1539486/politique/comment-la-visite-de-sassou-nguesso-a-abou-dhabi-a-failli-virer-a-lincident-protocolaire/
Since then Big D has been assuaged with the promise of a full state visit to Dubai.
However it is possible that the CEPA with the UAE will now be superseded by a full FTA agreement with the GCC as a whole, as per recent announcements on Saudi investment via Manara Minerals into Reko Diq, plus huge but unrelated UAE investment into P'ak'istan more widely.
The structure and associated investment safeguards pertaining to Reko diq will likely be, imo, the model of Gulf State (Saudi, UAE, Oman, Qatar) investment into Congo:
May 24, 2024. Two top functionaries confirmed to The News on Thursday that the much-awaited development had achieved a breakthrough and a formal announcement was expected anytime within the next few weeks. “Saudi Arabia will be involved in the Reko Diq project and they intend to increase their stakes in more blocks of the Reko Diq in future,” official sources told The News on Thursday. With the help of the Special Investment Facilitation Council (SIFC), a consultant was hired, who submitted its valuation report that paved the way for selling out stakes in the Reko Diq project.
The signing of the Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) would play a critical role, as the Bilateral Investment Treaty (BIT) is one of its components under which Islamabad had provided the right of international arbitration. “The federal cabinet, during the tenure of the caretaker government, had approved and ratified the FTA and BIT with the GCC and now awaits their ratification for signing it,” said the official, adding that Chief of Army Staff General Asim Munir had recently visited Saudi Arabia and then a Saudi minister also visited P'ak'istan. Therefore, such high-level interactions helped push these multibillion-dollar investments.
Under the ratification of FTA and part of it in the shape of BIT, P'ak'istan accepted demands for allowing to approach the Permanent Court of Arbitration (PCA) or International Centre for Settlement of Investment Disputes (ICSID) in case of any disputes on multibillion-dollar investment projects.
https://www.thenews.com.pk/print/1192453-centre-to-sell-15pc-stake-in-reko-diq-project-to-saudi-arabia
the position of the port and ad ports engagement seems to be entwined with trade agreements.
big d was set to ratify the congo-uae cepa (comprehensive economic partnership agreement) when he visited the emirates in february, 8th-13th. however the smooth running was derailed by some protocol faux pas which ended in 2 senior congolese diplomats being sacked.
https://www.jeuneafrique.com/1539486/politique/comment-la-visite-de-sassou-nguesso-a-abou-dhabi-a-failli-virer-a-lincident-protocolaire/
since then big d has been assuaged with the promise of a full state visit to dubai.
however it is possible that the cepa with the uae will now be superseded by a full fta agreement with the gcc as a whole, as per recent announcements on saudi investment via manara minerals into reko diq, plus huge but unrelated uae investment into p'ak'istan more widely.
the structure and associated investment safeguards pertaining to reko diq will likely be, imo, the model of gulf state investment into congo:
may 24, 2024. two top functionaries confirmed to the news on thursday that the much-awaited development had achieved a breakthrough and a formal announcement was expected anytime within the next few weeks. “saudi arabia will be involved in the reko diq project and they intend to increase their stakes in more blocks of the reko diq in future,” official sources told the news on thursday. with the help of the special investment facilitation council (sifc), a consultant was hired, who submitted its valuation report that paved the way for selling out stakes in the reko diq project.
the signing of the free trade agreement (fta) with the gulf cooperation council (gcc) would play a critical role, as the bilateral investment treaty (bit) is one of its components under which islamabad had provided the right of international arbitration. “the federal cabinet, during the tenure of the caretaker government, had approved and ratified the fta and bit with the gcc and now awaits their ratification for signing it,” said the official, adding that chief of army staff general asim munir had recently visited saudi arabia and then a saudi minister also visited p'ak'istan. therefore, such high-level interactions helped push these multibillion-dollar investments.
under the ratification of fta and part of it in the shape of bit, ****stan accepted demands for allowing to approach the permanent court of arbitration (pca) or international centre for settlement of investment disputes (icsid) in case of any disputes on multibillion-dollar investment projects.
https://www.thenews.com.pk/print/1192453-centre-to-sell-15pc-stake-in-reko-diq-project-to-saudi-arabia
Oops!
Missed the relevant link
https://www.zawya.com/en/economy/africa/ad-ports-group-to-manage-and-operate-multipurpose-terminal-in-congos-pointe-noire-port-ky74u2ax
.."AD Ports Group will invest more than US$500 million over the life of the concession, with around US$220 million allocated for phase 1, which is expected to be completed over the next 30 months..."
12 months in and nary a sign , certainly not any publicity I can find, about 'shovels in the ground' or infrastructure being built, much less kitted out...
You can view FT articles by going incognito on the Internet. They let you view a number of articles for free before subscribing and don't seem to pick up on how many you have viewed if you go incognito. Don't let the wife see you know how to use the incognito option though. She won't believe it was to read the FT!
Actually, IRH's position looks to be a bit more nuanced , see
https://www.reuters.com/markets/deals/uae-giant-eyes-majority-stake-vedantas-zambian-mines-expansion-drive-2024-04-19/
which clarifies the context of the earlier remark - acquisition of an existing, 'brownfield' mine.
.."IRH is only interested in a controlling stake in KCM as there are no clear benefits in becoming a passive investor in the operations, the sources said, as they are not making money and need significant investment..."
Comments that wouldn't apply to a greenfield investment such as ZIOC, where a 'passive' investment would make sense...
Let's see how things unfold : I'm still puzzled by the seeming lack of activity re AD Ports at Pointe Noire since 30 year Concession award - was the quickly-secured 'concession' just a 'denial of airspace' to others, keeping options open and giving AD a seat at the table?
GLA
Thanks for this, here's the 'local' take (not behind a paywall):
https://www.zawya.com/en/projects/mining/abu-dhabis-ihc-plans-1bln-of-mining-acquisitions-in-2024-signs-jvs-in-africa-s9zxuqls
Note the - declared - different strategy....
Abu Dhabi’s IHC plans $1bln of mining acquisitions in 2024, signs JVs in Africa
IHC chief executive confirmed they were in talks for taking over the Konkola Copper Mines with the Zambian government, the Financial Times reported
Staff Writer, ZAWYA
May 27, 2024
Abu Dhabi investment giant International Holding Company (IHC) is eyeing $1 billion in mining acquisitions this year, with a flurry of deals in several African nations.
IHC chief executive Syed Basar Shueb told the London-based Financial Times that its International Resources Holdings (IRH) subsidiary had signed joint venture agreements for iron ore mining in two places in Angola, Kassala Kitungo and Munenga, while the company was also in advanced talks to mine nickel in Burundi, along with various metals in Tanzania and Kenya.
Shueb further told the FT that IHC, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, was expected to make mining acquisitions worth $1 billion this year.
The news comes on the back of IRH’s $1.1 billion investment in Zambia’s Mopani Copper Mines last year in return for 51% ownership of the business.
Shueb told the FT the group had been formed from different mining interests belonging to IHC and Royal Group, an investment group also chaired by Sheikh Tahnoon that preceded IHC. He said IRH'S STRATEGY WAS TO BUY MINING CONCESSIONS AS OPPOSED TO PROVIDING INVESTMENT TO OTHER OPERATORS in return for future supply of raw materials.
The FT also quoted Shueb as saying that the IRH was in discussion for taking over the Konkola Copper Mines with the Zambian government, which is currently operated by Vedanta, the Indian metals and energy group, that has been looking to sell a minority stake..."
ATB and GLA
As I read down I hoped for a Zanaga mention...
https://www.ft.com/content/2885f8da-cafc-4bc6-b15b-1c5275db1280
Good angles on China demand:
'...IT MAKES SENSE TO SEE CHINESE STEEL MILLS GO AFTER MORE COMPETITIVE ASSETS LIKE SIMANDOU....'
Liz Gao, a senior analyst at commodities consultancy CRU Group, said earlier that when it became operational, Simandou was likely to replace some Brazilian and Australian iron ore shipments to China, though the two countries would retain a dominant position in the market.
China currently depends on supply from Australia and Brazil, which account for over 80 per cent of global seaborne iron ore exports.
"Simandou will bring about 120 million tonnes of ore to the market, positioning Guinea as the third largest iron ore exporter around the globe," Gao said.
She said the Chinese investment was part of Beijing's long-pursued goal to take a larger stake in overseas iron ore. "We estimate that there is Chinese ownership in around 5 per cent of global iron ore supply," Gao said. "Unfortunately, much of this material is some of the highest-cost supply in the world. Therefore, it makes sense to see Chinese steel mills go after more competitive assets like Simandou, for example."
Blocks 1 and 2 of the four blocks of Simandou's mining concession are being developed by Winning Consortium Simandou (WCS), whose shareholders include Winning International Group of Singapore, China Shandong Weiqiao Group and China Baowu Steel Group. The blocks currently account for more than 1.8 billion tonnes of estimated reserves, with an iron content of more than 65.5 per cent.
The other two blocks are owned by Rio Tinto as part of its Simfer joint venture with the Chinese firm Chalco Iron Ore Holdings and the Guinean government. Simfer's initial capital funding requirement for the project is estimated at US$11.6 billion, of which Rio Tinto's share is US$6.2 billion.
Gahigi said the main railway line - which will transport iron ore from Simandou to the port - was about 30 to 40 per cent complete. It is expected that up to 120 million tonnes of iron ore mined from Simandou will be exported annually.
The Simandou project represents an investment of more than US$15 billion to build over 600km of railway infrastructure spanning the length of the country, as well as port infrastructure on the coast of the Forecariah prefecture in Guinea by the end of 2025.
https://finance.yahoo.com/news/mega-simandou-iron-ore-project-093000379.html
“saudi arabia will participate in the reko diq project and they intend to increase their stakes in more parts of reko diq in the future,” they said. the news on thursday.
with the help of the special investment facilitation council (sifc), a consultant was hired, who submitted his valuation report which paved the way for the sale of the stakes in the reko diq project.
the signing of the free trade agreement (fta) with the gulf cooperation council (gcc) would play a crucial role, as the bilateral investment treaty (bit) is one of its components, under which islamabad had granted the right to international arbitration.
“the federal cabinet, during the tenure of the caretaker government, had approved and ratified the fta and bit with the gcc and is now awaiting their ratification for signature,” the official said, adding that the chief of army staff (coas) general asim munir had recently visited saudi arabia and subsequently a saudi minister also visited ****stan. therefore, such high-level interactions helped drive these multi-billion dollar investments.
as part of the ratification of the fta and part of it in the form of bits, ****stan accepted requests to be allowed to approach the permanent court of arbitration (pca) or the international center for settlement of investment disputes (icsid) in case of any disputes over multi-billion dollar investment projects .
saudi arabia and ****stan negotiated to finalize the term sheet and valuation. manara minerals investment company is a new venture between the saudi arabian mining company (ma’aden) and the public investment fund (pif) to invest in mining assets worldwide and support the development of resilient global supply chains.
reko diq mining company (rmdc) has been assigned to lease levies and payment mechanisms defined for balochistan.
****stan has negotiated to include a phased approach to the settlement of investment disputes between the state and investors. through this arrangement, there will be a mandatory period of eight months to resolve the dispute in the domestic forums.
in the event of non-resolution of disputes, it was agreed that recourse could be made to the pca or icsid as an international arbitration forum.
investment capital can be annexed to the fta to be signed with the gcc countries, including the investor-state dispute settlement process through icsid, as agreed with saudi arabia and qatar, which was also communicated to the secretariat of the ssk.
the gcc side also said that the legally cleared plan would be shared with the ****stani side in due course.
(1) Re Big Den meeting with Lavrov, security may well be on the agenda.
See this from Africa Intelligence (albeit 18 months ago) :
https://www.africaintelligence.com/central-africa/2022/09/28/washington-and-paris-perturbed-by-wagner-s-congo-foray,109826863-eve
.."Washington and Paris perturbed by Wagner's Congo foray
The United States and France are worried that Wagner, which is already heavily involved in the Central Africa Republic and Mali, is now trying to get a foothold in Congo. Fears that the mercenary group might be trying to set up shop in the port of Pointe-Noire are being taken very seriously.
Defence, Diplomacy 28.09.2022 "
(2) Re concurrent Little Den visit to Brazil in 10 days' time, I wonder what that's really about ? There's already been some lower-level engagement with his ostensible visit purpose :
https://www.embrapa.br/busca-de-noticias/-/noticia/65164252/embrapa-discute-cooperacao-com-agentes-do-congo---brazzaville
OTOH, consider :
- Vale is / was an instrumentality of Brazil's foreign policy. It went into Simandou during the last year of Lula's first Prrsidency and likely at his behest;
- Lula has shown (recent Petrobas management changes) that he's still of an 'interventionist' mindset with his/Brazil's 'parastatals';
- he's on good terms with Big Den, not least a shared interest (cough) in forestry;
- his election campaign(s) benefited from lots of publicity paid for indirectly by Asperbras Africa;
- Asperbras was at the heart of a corruption investigation (12 hospitals contract) back in 2012 that involved Little Den, it's been back in the news recently on a re-start of the same (!) contracts.
With that context, it's interesting to note the recent flight history of our old friend, PP-FCC :
.."The Bombardier BD-700-1A10 Global 6000 with registration PP-FCC is owned by CREDIT SUISSE AG. It was delivered on May 27, 2014 and is still active as of September 15, 20231. The aircraft is operated by Greenplac Tecnologia Industrial Ltda."
Greenplac is part of Asperbras , see https://asperbras.com/nosso-negocio/greenplac/ and is a timber processor.
Starting 9th May, PP-FCC flew from Cascais to Brazzaville (9th); to Oyo (10th) and back to Braz 11th , to Oyo and Libreville12th, back to Oyo 15th, to Braz 16th, back again to Oyo 17th, before leaving same day to Cascais, arriving at base Penapolis on the 18th.
Greenplac itself may have been discussing logging operations in C-B and Gabon (Brazil apparently imports (from somewhere) about 1/10th of the 150,000 m3 of logs that it exports). Or the parentco hospital contracts in C-B.
Another possibility is that Asperbras is a useful conduit/messenger/bag-carrier for whatever discussions have been going on between the various parties above.
AFAICS
GLA
Hi Driving,
I like your '3 hurdles' analysis - GLEN has something of a 'nice problem ' to deal with !
.."Ps(ex) this whole process(restructuring/updated costings/port partners) was never done with the consideration of us(PI’s).
So yes well are well & truly past presentation point IMV..."
That was rather my thinking when the suggestion that ZIOC was thinking of a presentation was first mooted.
Mind you, looking at today's newsflow, the old chestnut about 'waiting for buses' seems apposite !
ATB
Little D's official account gives more substance to his upcoming Brazil agenda:
Minister Denis @ChristelSassou
Nguesso received in audience this Thursday, May 23, the ambassador from #Brésil to #Congo . At the heart of their meeting, preparation for the minister's next working visit to Brazil, scheduled for the beginning of June, took pride of place. Together, they discussed the agenda for this working visit, which promises to be rich in exchanges and opportunities.
The visit program includes meetings with the Brazilian Agency for International Cooperation, a government institution dedicated to research in #agriculture and #élevage , as well as exchanges with Brazilian businessmen. The minister thus intends to identify priority areas of collaboration, explore the possibilities of scientific and technical partnership, and promote investment opportunities in Congo.
The high point of this visit will be the tête-à-tête between Minister Denis @ChristelSassou
Nguesso and his Brazilian counterpart, the Minister responsible for External Relations. The two personalities will discuss ways and means to relaunch cooperation between Brazil and Congo, by identifying priority sectors and concrete projects to be implemented. This high-level meeting will make it possible to strengthen political dialogue between the two countries and define the main directions of their partnership.
https://x.com/CooperationCG/status/1793740448055583007
I believe that Little D will arrive in Brazil this coming 3rd June.
Perhaps of more immediate interest is that FM Lavrov will be in Brazzaville on that date to meet with Big D. I suspect that security guarantees will be on the agenda - quite an important subject with $250bn+ tons of iron ore set to be developed.
Indeed, V10, Little D announced his Brazil trip on his twitter account yesterday. I have been looking around trying to make the 'Vale' connection but so far without success.
On May 23, I received HE Renato Soares Menezes, Brazilian Ambassador to Congo, who conveyed to me the invitation from the Brazilian authorities for a working visit which is part of our common desire to strengthen and diversify our bilateral cooperation.
On the program: interviews with the Brazilian Minister of Foreign Affairs, as well as with the head of the Brazilian cooperation agency. This will be an opportunity to identify new areas of partnership together and to give new impetus to our relations.
I will also meet the managers of Embrapa, a Brazilian company specializing in the agricultural sector. Agriculture is a key area for the development of our country, and I am convinced that Brazilian expertise can be very beneficial to us.
https://x.com/ChristelSassou/status/1793746672901878057
Vet-excellent spot!
Vale will definitely be involved IMO.
Gla.
Little Den is off to Brazil, could Manara/Vale/Zanaga be on his agenda ?
Brazzaville, May 24 (ACI) - The Minister of International Cooperation and the Promotion of Public-Private Partnership, Mr. Denis Christel Sassou Nguesso and the Brazilian Ambassador to Congo, Mr. Renato Soares Menezes, exchanged on May 23 May in Brazzaville, on the agenda of the official working visit of the Congolese minister to Brazil.
Scheduled for early June, this visit will allow the Congolese minister to hold several strategic meetings in order to strengthen bilateral relations and promote new cooperation initiatives between the two countries.
Mm- I seriously don’t know how you find the energy to post so much, but highly appreciate the info/opinions you share.
There are 3 stumbling blocks to any potential new strategic partners buying in/out IMO(although not unsurmountable)-
1/ The off-take
2/ Glencores 44.39% holding.
3/ The pricing difference between the NAV & the current share price(99%+!!)
1-As you have recently mentioned there is a clause that would allow for a renegotiation of the off-take if the companies share structure were to significantly change, I believe Glencore value the off-take above all else, and would therefore be adverse to giving any of their secured off-take.
2-As above Glencores holding underpins their off-take, as well as giving them a large say in any potential buyout/in.
3-Any incoming strategic investor will point out our public listed valuation in their negotiations, and although hopefully the updated NAV will provide the highest weighting, the current market cap will be a factor.
The updated costings were AMAZING,
Providing 26.2% ROR(stage 1) & a whooping 28.2% ROR(stage 2).
Glencore would be mad not to at the least Revisit their decision not to advance this project!, it trumps almost anything in their portfolio.
And here’s the thing, all the above stumbling blocks would not apply to them.
As my previous post Glencore have always held all the trump cards, and thus it has always been about when they felt the time was right to develop zanaga…That time is NOW.
Gla.
Ps(ex) this whole process(restructuring/updated costings/port partners) was never done with the consideration of us(PI’s).
So yes well are well & truly past presentation point IMV.
Gla.
So what would 15% be worth at this stage ?
We now have a yardstick.
aimo & dyor
Thanks MM, brilliant stuff 👏
Game on!!!!!
Breaking stuff:
CENTRE TO SELL 15PC STAKE IN REKO DIQ PROJECT TO SAUDI ARABIA
P'ak'istan’s overall shares in the Reko-Diq project are expected to be reduced from the existing 50pc to 35pc
Two top functionaries confirmed to The News on Thursday that the much-awaited development had achieved a breakthrough and a formal announcement was expected anytime within the next few weeks. “Saudi Arabia will be involved in the Reko Diq project and they intend to increase their stakes in more blocks of the Reko Diq in future,” official sources told The News on Thursday. With the help of the Special Investment Facilitation Council (SIFC), a consultant was hired, who submitted its valuation report that paved the way for selling out stakes in the Reko Diq project.
The signing of the Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) would play a critical role, as the Bilateral Investment Treaty (BIT) is one of its components under which Islamabad had provided the right of international arbitration. “The federal cabinet, during the tenure of the caretaker government, had approved and ratified the FTA and BIT with the GCC and now awaits their ratification for signing it,” said the official, adding that Chief of Army Staff General Asim Munir had recently visited Saudi Arabia and then a Saudi minister also visited P'ak'istan. Therefore, such high-level interactions helped push these multibillion-dollar investments.
Under the ratification of FTA and part of it in the shape of BIT, P'ak'istan accepted demands for allowing to approach the Permanent Court of Arbitration (PCA) or International Centre for Settlement of Investment Disputes (ICSID) in case of any disputes on multibillion-dollar investment projects.
Saudi Arabia and P'ak'istan negotiated finalisation of the term sheet and valuation. THE MANARA MINERALS INVESTMENT COMPANY IS A NEW VENTURE BETWEEN THE SAUDI ARABIAN MINING COMPANY (MA’ADEN) AND THE PUBLIC INVESTMENT FUND (PIF) TO INVEST IN MINING ASSETS GLOBALLY AND SUPPORT THE DEVELOPMENT OF RESILIENT GLOBAL SUPPLY CHAINS. The Reko Diq Mining Company (RMDC) has been assigned to hire levies and payment mechanisms defined for Balochistan.
https://www.thenews.com.pk/print/1192453-centre-to-sell-15pc-stake-in-reko-diq-project-to-saudi-arabia
Yesterday I posted my view that ZIOC's Strategic Partner announcement was delayed, firstly from Manara Minerals-VBM run over, and then because Manara Minerals moved onto to Reko Diq in early May. My working hypothesis is that MM will return to Zanaga when Reko Diq is closed.
With that in mind I read this tweet form a few minutes ago:
8:44 AM · May 24, 2024
P'ak'istan 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.
https://x.com/pk_economy/status/1793895802697359603