The Royal Commission for Jubail signed a memorandum of understanding with the Brazilian mining company Vale to develop an iron ore briquette project in the Kingdom.

The memorandum of understanding was signed on the sidelines of the Future Metals Forum, which lasted for two days, during which the Brazilian company presented its ambitious plans in the Middle East.

This deal represents a milestone in Vale’s journey in the region, highlighting the upcoming advanced project in the Kingdom as an important part of its strategy to decarbonize the steel industry.

Vale CEO, Eduardo Bartolomeo, who participated in the forum, stated that it is crucial to decarbonize the steel industry by establishing the plant, in a huge iron ore center, located in Ras Al-Khair.

The plant will be operated by Vale and will produce high-quality products to feed sponge iron production destined for direct reduction plants.

The project is expected to reduce emissions resulting from steel production by 60 percent, compared to current operations, serving local consumers and international markets.

Vale said that its participation in the forum confirmed the company’s pivotal role in the sustainable mining sector in the region, adding that it demonstrated strong alignment with the Kingdom’s Vision 2030 in focusing on its project in Ras Al-Khair and committing to net zero emissions. .