KSA to join Reqo Diq as shareholder

KSA to join Reqo Diq as shareholder

 The Civil-Military Special Investment Facilitation Council (SIFC) has approved the hiring of consultants to reduce Pakistan's and Canada's Barrick Gold shares equally to Saudi Arabia's Reko Diq gold and copper mine project.A formal decision to involve another country in the Reko Diq project was taken by the SIFC apex committee this week, highly placed sources told The Express Tribune.Prime Minister Shehbaz Sharif chaired the meeting of the apex committee – a forum which was also attended by Chief of Army Staff General Asim Munir.

Last month, The Express Tribune reported that the SIFC had approved in principle 28 projects worth billions of dollars to be offered to Gulf countries for investment, including construction of the Diamer-Bhasha dam and mining operations at Reko Diq in Balochistan's Chagai district.

Government officials said that in his last meeting as SIFC chairman, the prime minister instructed the energy ministry to hire financial advisers to pitch shares in the Reko Diq mining project to potential investors.According to the decision, the share reduction should be done in such a way that the shares of Pakistan and Barrick Gold are reduced equally.Barrick Gold owns a 50 percent stake in the Reko Diq mine, with the remaining 50 percent owned by the governments of Pakistan and Balochistan.

The prime minister also decided that the SIFC would work with the Rising Pakistan logo – a name that reflected the aspirations of the civilian and military leadership to use the forum to wean the country off its dependence on external borrowing.Pakistan established the SIFC to promote collaboration between federal and provincial governments to facilitate timely decision-making; avoiding duplication of effort; strengthening the confidence of investors and ensuring the rapid implementation of the project.

The SIFC apex committee further decided that the Ministry of Energy will also recommend the negotiating committee to open talks with Saudi Arabia to become a partner in the project.Similarly, the Department of Energy would also ensure that the three state entities that hold stakes in the project on behalf of the Federal Government begin divesting their stakes in the Reko Diq project.

Government Holding Private Limited, Oil and Gas Development Company and Pakistan Petroleum Limited hold stakes in the mining project on behalf of the federal government.SIFC has given a deadline of Dec. 25, 2023, to close the transaction, including signing the bid documents, according to Energy Department officials.

However, Barrick Gold chief executive Mark Bristow said this week that "Barrick will not dilute its equity in the project, but will not mind if the Saudi Arabian Public Investment Fund (PIF) wants to buy out the Pakistani government's equity".It was also decided that SIFC will grant any regulatory or legal exemption that may be required to complete the transaction on time by December 2023.

During the third meeting, the Prime Minister expressed his satisfaction over the progress of the ministries under the SIFC umbrella.SIFC appreciated the hard work of SIFC Secretariat Secretary in making rapid progress.The Prime Minister ordered the ministries of priority areas to consolidate financial models and transaction possibilities in order to attract investment in priority sectors.

The SIFC also decided that the Ministry of Information and Broadcasting, Inter-Services Public Relations - the Army's media wing - would work together to create a positive story about the work being done by the council.The prime minister directed that the focus of the SIFC should not be limited to the Gulf countries and Pakistan's foreign missions should also advocate the need for investment.The Government recently amended the Investment Board Act to provide legal protection for the operation of SIFCs.

An amendment was also introduced to the law on the military, formalizing and legalizing its role in the economy.The government has already transferred assets worth 2.3 trillion rupees to seven companies in the Pakistan Sovereign Wealth Fund. Dividends from these companies, including the three that have stakes in the Riko Diq project, would also be used for SIFC projects.

Addressing the major concern of foreign investors, the SIFC has decided that the Ministry of Home Affairs will issue visas within one day on the recommendation of the SIFC Secretariat.It was also decided that the federal and provincial governments of Sindh will jointly build the Thar Coal Railway Connectivity project within one and a half years.

SIFC also decided to strengthen the role of the federal government in the mineral sector, which is otherwise a provincial entity.The Department of Energy has been instructed to hire consultants to design a harmonized legal and regulatory framework for the mineral sector.It was decided that the role of the federal government would be largely limited to a supporting role and help prepare model laws, rules and regulations to be submitted to the Council of Common Interests for adoption by the provinces.

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