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Saudi Arabia: Ma’aden signs new agreements to expand locally and internationally

 The Saudi Arabian Mining Company (Ma’aden) has signed a set of agreements aimed at increasing its exploration and mining capabilities inside and outside the Kingdom, according to data sent by the company to the Saudi market.

The announcement of these agreements comes in light of Saudi Arabia’s interest in maximizing the utilization of its mineral wealth, according to the Kingdom’s Vision 2030, as the Kingdom says that it has stocks of untapped minerals estimated at $1.3 trillion.

Ma’aden said that it had signed the main clauses agreement to acquire 9.9 per cent of the shares of the American “Ivanhoe” company, for 474 million riyals ($ 126.4 million). The deal is expected to be completed in the first quarter of 2023, and it will be funded from the company’s resources.

Ma’aden added that a new company would be established in Saudi Arabia, owned equally by it and “Ivanhoe” for the exploration and development of mining projects in the Kingdom. It will be using the “Typhoon” technology, which will help speed up exploration operations and reduce its risks and costs to search for the possibility of containing sulfur minerals, copper, and nickel, gold and silver.

Ma’aden also signed a joint venture agreement with the Public Investment Fund to establish a company that aims to invest in mining assets internationally to secure strategic minerals.

According to the agreement, Ma’aden will own 51 per cent of the ownership of the new company, while the fund will own 49 per cent, with an initial paid-up capital of 187.5 million riyals.

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لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

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Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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