Saudi official discusses opportunities in mining sector with Brazilian companies

RIYADH: A recent high-level meeting in Sao Paulo discussed how the Saudi mining sector is expected to benefit substantially from increased cooperation with Brazilian companies.

The dialogue between the Kingdom’s Deputy Minister of Industry and Mineral Resources, Khalid Al-Mudaifer, and the CEO of Vale Mining Co., Eduardo Bartolomeo, underscored Saudi Arabia’s commitment to fostering international partnerships and attracting investment in its burgeoning mining industry.

Discussions centered on the expansive investment opportunities available to Brazilian companies in the Kingdom’s mining sector, a statement by the ministry said. 

Saudi Arabia is making deliberate strides to develop its mining sector, which has an estimated $2.5 trillion worth of untapped mineral resources. The nation aims to transform mining into a third pillar of its industrial division, enhancing its national economy. 

Strengthening international partnerships is seen as essential to overcome challenges in the mineral supply chain.

This comes after the Kingdom recently acquired a 10 percent stake in Vale Basic Metals Co., facilitated through Manara Minerals Co., a joint venture between the Saudi soverign wealth fund, known as the Public Investment Fund, and Saudi Arabian Mining Co., known as Ma’aden.