Latest news with #ManaraMinerals
Globe and Mail
9 hours ago
- Business
- Globe and Mail
Perseus Mining Appoints Additional Non-Executive Director
Perth, June 18, 2025 (GLOBE NEWSWIRE) -- perseus mining appoints additional independent non-executive director to its board / Perseus Mining Limited (ASX/TSX:PRU) ('Perseus' or 'the Company') is pleased to advise that Mr James (Jim) Rutherford has agreed to join the Board of Perseus in the role of non-executive, independent Director and will take up this position with immediate effect. Jim is a seasoned investment professional with over 25 years of experience in investment management and banking, specialising in the global mining and metals sector. He has extensive international experience and brings considerable financial and corporate insight to the Board. Between 1997 and 2013, Jim was Senior Vice President at Capital Group, a long-established US investment firm, where he had responsibility for investing in the global mining and metals sector. Prior to that, he was Vice President at HSBC James Capel in New York, responsible for covering the Latin American mining industry and also worked at Credit Lyonnais Securities. Currently, he is a director of Manara Minerals Investment Co., a joint venture between the Saudi Arabian Mining Company (Ma'aden) and the Public Investment Fund (PIF) and is a non-executive director of Ecora Resources plc, positions he has held since 2023 and 2019 respectively. Earlier this year, he was also appointed as a non-executive director of Minera Cobre de Colombia, a private company that is focused on copper exploration in Colombia. From 2013 to 2020, he served as a non-executive director of Anglo-American plc, the UK-listed diversified mining group, and in 2020 was appointed Non-Executive Chairman of the gold producer Centamin plc, a role he held until late 2024. He was also Lead Independent Director of GT Gold from 2019 until its acquisition by Newmont in 2021 and, prior to that, was a Non-Executive Director and then Chairman of Dalradian Resources from 2015 to 2018. He received his Bachelor of Science in Economics and Computer Science from Queen's University, Belfast (UK) and gained his Master of Arts in Development Economics from the University of Sussex (UK). He is also an alumnus of the London Business School. Jim has also been active throughout his career in the non-profit sector and is currently a member of the Advisory Board of Queen's University Belfast Business School and a member of the Board of Governors of the Royal Belfast Academical Institution. Perseus's Non-Executive Chairman Rick Menell said: 'On behalf of the Board of Perseus, I am delighted to welcome Jim Rutherford to the Board of our Company at a pivotal time in our growth. Jim brings extensive experience in the resources sector, and his expertise in financial markets will be invaluable as we execute our strategy and continue to create long-term value for our stakeholders. His broad knowledge of the mining industry, across multiple commodities and jurisdictions, including Africa, will be a strong complement to the Perseus leadership team as we pursue our ambitions to become a leader of the gold mining industry on the continent. Jim's appointment forms part of our ongoing Board renewal process. The Board is currently considering the appointment of an additional director with specific geological expertise to further strengthen its capability' This market announcement was authorised for release by Jeff Quartermaine, Perseus's Managing Director and Chief Executive Officer.
Yahoo
9 hours ago
- Business
- Yahoo
Perseus Mining Appoints Additional Non-Executive Director
Perth, June 18, 2025 (GLOBE NEWSWIRE) -- perseus mining appoints additional independent non-executive director to its board Perth, Western Australia/June 18, 2025/ Perseus Mining Limited (ASX/TSX:PRU) ('Perseus' or 'the Company') is pleased to advise that Mr James (Jim) Rutherford has agreed to join the Board of Perseus in the role of non-executive, independent Director and will take up this position with immediate effect. Jim is a seasoned investment professional with over 25 years of experience in investment management and banking, specialising in the global mining and metals sector. He has extensive international experience and brings considerable financial and corporate insight to the Board. Between 1997 and 2013, Jim was Senior Vice President at Capital Group, a long-established US investment firm, where he had responsibility for investing in the global mining and metals sector. Prior to that, he was Vice President at HSBC James Capel in New York, responsible for covering the Latin American mining industry and also worked at Credit Lyonnais Securities. Currently, he is a director of Manara Minerals Investment Co., a joint venture between the Saudi Arabian Mining Company (Ma'aden) and the Public Investment Fund (PIF) and is a non-executive director of Ecora Resources plc, positions he has held since 2023 and 2019 respectively. Earlier this year, he was also appointed as a non-executive director of Minera Cobre de Colombia, a private company that is focused on copper exploration in Colombia. From 2013 to 2020, he served as a non-executive director of Anglo-American plc, the UK-listed diversified mining group, and in 2020 was appointed Non-Executive Chairman of the gold producer Centamin plc, a role he held until late 2024. He was also Lead Independent Director of GT Gold from 2019 until its acquisition by Newmont in 2021 and, prior to that, was a Non-Executive Director and then Chairman of Dalradian Resources from 2015 to 2018. He received his Bachelor of Science in Economics and Computer Science from Queen's University, Belfast (UK) and gained his Master of Arts in Development Economics from the University of Sussex (UK). He is also an alumnus of the London Business School. Jim has also been active throughout his career in the non-profit sector and is currently a member of the Advisory Board of Queen's University Belfast Business School and a member of the Board of Governors of the Royal Belfast Academical Institution.'On behalf of the Board of Perseus, I am delighted to welcome Jim Rutherford to the Board of our Company at a pivotal time in our growth. Jim brings extensive experience in the resources sector, and his expertise in financial markets will be invaluable as we execute our strategy and continue to create long-term value for our stakeholders. His broad knowledge of the mining industry, across multiple commodities and jurisdictions, including Africa, will be a strong complement to the Perseus leadership team as we pursue our ambitions to become a leader of the gold mining industry on the continent. Jim's appointment forms part of our ongoing Board renewal process. The Board is currently considering the appointment of an additional director with specific geological expertise to further strengthen its capability' This market announcement was authorised for release by Jeff Quartermaine, Perseus's Managing Director and Chief Executive Officer. ASX/TSX CODE: PRUCAPITAL STRUCTURE:Ordinary shares: 1,362,221,512Performance rights: 10,056,681REGISTERED OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 DIRECTORS:Rick MenellNon-Executive ChairmanJeff QuartermaineManaging Director & CEO Amber BanfieldNon-Executive DirectorElissa CorneliusNon-Executive DirectorDan LougherNon-Executive DirectorJohn McGloinNon-Executive Director CONTACTS:Jeff QuartermaineManaging Director & FormanInvestor Relations+61 484 036 RyanMedia+61 420 582 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Leaders
06-06-2025
- Business
- Leaders
Pakistan PM Visits Saudi Arabia: Eid Celebrations & Strategic Talks
Pakistani Prime Minister Shehbaz Sharif arrived in Saudi Arabia on Thursday for a crucial two-day official visit. He accepted Crown Prince Mohammed bin Salman's invitation to strengthen vital bilateral relations between the longstanding allies. The Prime Minister's Office confirmed his arrival and the visit's objectives earlier today. During his stay, PM Sharif will celebrate Eid Al-Adha within the Kingdom. He will hold substantive bilateral talks with Crown Prince Mohammed bin Salman. Discussions will prioritize boosting mutual cooperation in vital trade and investment sectors. Regional security matters will also feature prominently on their shared agenda. The two leaders will explore avenues to further strengthen multifaceted bilateral ties. Enhancing economic partnerships and investment flows remains a top priority. They will also address Muslim Ummah welfare and regional peace initiatives. Acknowledging Mediation & Boosting Economic Partnership PM Sharif will express Pakistan's sincere gratitude for Saudi Arabia's recent diplomatic intervention. The Kingdom played a pivotal role in de-escalating tensions between Pakistan and India. Gulf partners supported this crucial mediation effort between the nuclear neighbors last month. This high-level visit underscores rapidly expanding Saudi-Pakistan economic links. Both nations signed multiple significant trade and investment agreements recently. Saudi Arabia committed a substantial $5 billion investment package supporting Pakistan's economy. Saudi and Pakistani businesses signed 34 MoUs worth $2.8 billion last year. These agreements cover industry, technology, and agriculture sectors importantly. Manara Minerals is also negotiating to acquire a stake in Pakistan's massive Reko Diq project. Enduring Bonds: Defense & Vital Diaspora Links Defense collaboration remains a cornerstone of the robust Saudi-Pakistan relationship. The nations share a deep history of military cooperation and mutual support. Pakistan also provides valuable training assistance to Saudi forces. Approximately 2.7 million Pakistanis form a crucial diaspora within Saudi Arabia. Their remittances provide the highest foreign exchange inflow for Pakistan. This financial support constitutes an essential economic lifeline for their homeland. Short link : Post Views: 11
Express Tribune
17-03-2025
- Business
- Express Tribune
Mineral wealth stands at $8tr
The government is stepping up efforts to exploit Pakistan's huge mineral wealth potential, estimated at $8 trillion, by engaging both local and foreign investors in different projects. It has planned to hold a mineral conference next month to showcase the country's mineral wealth in front of investors. At a recent briefing to the federal cabinet, it was informed that Pakistan had a mineral wealth of around $8 trillion. Earlier, the potential had been estimated at $6 trillion. The mineral sector employs a workforce of 300,000 and contributes 1% to the gross domestic product (GDP). The cabinet was briefed about the presence of major minerals and the areas where those reserves were in abundance. To extract the resources, numerous projects are underway, primarily in Balochistan. Community development schemes and skill development initiatives are also being undertaken for the benefit of the people of Balochistan. Among the mineral sector projects, Reko Diq copper and gold mining is a key project, which is expected to become operational by 2028. Estimates suggest that it will generate a cash flow of $74 billion. The Reko Diq project, revived by Canada's Barrick Gold, is forecast to start producing copper and gold by 2028, with an initial investment of $5.5 billion. Barrick Gold holds a 50% stake and the reserves are expected to generate $74 billion in free cash flow over 37 years, based on long-term prices. Saudi Arabian mining company Manara Minerals will acquire a 15% stake in the project, with potential investment of $1 billion. Pakistan's mining sector is increasingly attracting foreign investment as global firms eye the country's untapped mineral deposits. The Reko Diq project, located in Balochistan's Chagai district, has the world's largest untapped copper reserves. The mine is anticipated to generate $2.8 billion in annual exports while creating thousands of jobs and transforming the local economy. Its planned expansion will increase production to 400,000 tonnes of copper and 500,000 ounces of gold per year through an additional investment of $3.5 billion. Apart from that, Pakistan has identified five potential mineral projects for offering them to the United Arab Emirates (UAE) for investment and development. The project sites are situated in Chagai, Waziristan and Gwadar. These include Balochistan Mineral Resources Limited's copper blocks EL-302 and EL-303 in Chagai. In the same area, the Reko Diq copper and gold project is also being implemented. Pakistani and foreign companies have inked a deal for drilling the Reko Diq mine where gold and copper deposits worth billions of dollars are believed to be present. Other mining blocks include the Frontier Works Organisation's (FWO) copper blocks EL-207 and EL-320 in Chagai, its copper blocks ML-30 and EL-101 in Waziristan and a copper smelter in Gwadar having processing capacity of 50,000-80,000 tonnes per year. The government has planned to build a rail network to connect Gwadar and Chagai. These projects may be brought in a marketable template for conducting pre-feasibility studies, in collaboration with the consultants. Consultations on a term sheet shared by International Resources Holding Company will be finalised by Mari Petroleum and the government of Balochistan in working group meetings. The government has also approved the execution of the Siah Dik copper mining project in Balochistan as a private sector Export Processing Zone (EPZ). It has awarded the initiative to China Metallurgical Group Corporation (CMGC), which is already managing the Saindak gold and copper project. The Export Processing Zone Authority (Epza), established under the Epza Ordinance 1980, is tasked with managing the EPZs to foster industrialisation and export growth. Located in the Chagai district, the Siah Dik EPZ will focus on mining and processing the copper concentrate. The zone will be operated by Kohesultan Mining Company, a joint venture comprising Tongsin Resources Limited – a subsidiary of CMGC, and local partner Siakoh Mineral Development. The project is spread over 296 acres, with mineral leases covering an additional 4,295 acres.
Express Tribune
05-03-2025
- Business
- Express Tribune
Investments in Balochistan: a target of hostile propaganda
The writer is a public policy analyst based in Lahore. She can be reached at durdananajam1@ Listen to article A well-orchestrated propaganda campaign has emerged against Saudi Arabia's investments in Balochistan, particularly in the Reko Diq mining project and the proposed oil refinery. This negative media campaign bears striking similarities to the smear efforts against CPEC, aimed at derailing projects that are vital for Pakistan's economic growth. The objective is clear: to create distrust between Pakistan and Saudi Arabia, dissuade much-needed foreign investments and keep Balochistan underdeveloped. Pakistan and Saudi Arabia share a longstanding relationship based on mutual respect, economic cooperation and strategic interests. Saudi Arabia has been one of Pakistan's key economic partners, providing financial assistance during economic crises and investing in sectors vital to Pakistan's development. From direct financial aid to energy investments, Saudi Arabia has played a critical role in stabilising Pakistan's economy. In return, Pakistan has supported Saudi Arabia diplomatically and militarily, strengthening their bilateral ties. The recent Saudi investments in Balochistan, particularly the $540 million stake in the Reko Diq mining project and the planned $10 billion oil refinery, mark a significant step in diversifying and deepening this relationship. These projects are not just economic ventures but strategic initiatives that will boost Pakistan's industrial capacity, create thousands of jobs and strengthen Pakistan's position in global markets. The Reko Diq project, one of the world's largest untapped copper and gold reserves, represents a game-changer for Pakistan. With an estimated 5.9 billion tonnes of ore, this project is expected to generate approximately $74 billion over its 37-year lifespan. Saudi Arabia's involvement through Manara Minerals underscores its commitment to the global mining sector while ensuring economic growth in Pakistan. Similarly, the proposed $10 billion oil refinery will enhance Pakistan's energy security by reducing reliance on imported petroleum products. With a refining capacity of 300,000 barrels per day, this project will not only bolster Pakistan's industrial capabilities but also create thousands of direct and indirect jobs, modernise infrastructure and attract further foreign investments. Beyond economic growth, these projects provide skill development opportunities, enhance regional infrastructure and promote technological transfer, contributing to long-term economic stability in Balochistan. However, despite these benefits, certain hostile elements continue to spread misinformation and attempt to sabotage these projects. The opposition to Saudi investments follows the same pattern of disinformation used against CPEC. Hostile actors, including Indian intelligence agency RAW and other anti-Pakistan elements, seek to create hurdles for Pakistan's economic progress by fabricating narratives around environmental damage, forced displacements and resource exploitation. The same rhetoric was used against CPEC, attempting to dissuade international investors and incite unrest in Balochistan. Misinformation campaigns claim that Saudi investments are exploiting Balochistan's resources without benefiting its people. However, Balochistan holds a 25% stake in Reko Diq, ensuring substantial revenue generation for the province. The investments will fund infrastructure, healthcare and education initiatives, directly benefiting the local population. The reality is that these projects bring prosperity, not exploitation, to Balochistan. The question is: Who is behind this campaign? Pakistan's enemies, particularly India, have a vested interest in keeping Balochistan unstable. A prosperous and economically integrated Balochistan would strengthen Pakistan's national economy, reducing external dependencies and creating strategic depth. The objective is clear: to prevent Pakistan from capitalising on its natural resources and by sowing discord between Pakistan and Saudi Arabia, these hostile elements seek to undermine Pakistan's alliances and economic stability. To protect these strategic investments, Pakistan must take proactive measures: Strengthen diplomatic engagement: Pakistan should enhance diplomatic efforts to reaffirm Saudi confidence in its investment climate and counter false narratives at international forums. Launch public awareness campaigns: The government and media should actively counter misinformation by highlighting the economic and social benefits of these projects, particularly for Balochistan's development. Enhance security measures: Ensuring the safety of investment sites and personnel through better security arrangements will deter sabotage attempts and reassure investors. Having legal framework for investment protection: A robust legal structure should be in place to protect foreign investments from external interference and political instability. Integrating Balochistan economically: By ensuring that locals are the primary beneficiaries through employment, education and infrastructure development, Pakistan can neutralise separatist narratives. The smear campaign against Saudi investments is a continuation of the broader strategy to hinder Balochistan's development and, by extension, Pakistan's economic rise. The same tactics used against CPEC are now being employed to create rifts between Pakistan and its key allies. However, the benefits of these projects are undeniable. Saudi investments will transform Balochistan, create jobs, enhance infrastructure and position the region as a key economic hub. Pakistan must remain vigilant against these malicious efforts and work towards safeguarding its economic interests. By fostering regional development, securing investments and countering hostile propaganda, Pakistan can ensure that Balochistan emerges as a beacon of economic growth rather than a battleground for external agendas.
