Banking and Finance Ma’aden’s $1bn sukuk nine times over-subscribed Saudi state-owned mining company Ma’aden has sold $1.25 billion of dollar-denominated sukuk to help finance a $12 billion expansion plan. The sale was more than nine times oversubscribed, the company said. The sale, which closed on Sunday, “marks a key milestone in Ma’aden’s ambitious 2040 strategy to secure essential minerals and transform mining into the […] February 10, 2025
Analysis Mining Canada’s Barrick seeks to tap $2trn of Saudi minerals A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals. Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […] February 6, 2025
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […] February 5, 2025
Mining UK mining company unearths copper deposits in Oman Major copper deposits in the Al Batinah region of Oman have been uncovered by a UK mining company, Power Metal Resources. The discovery was made in Block 8, about 130km from Muscat. Power Metal Resources acquired the exploration rights for the area from the government of Oman two years ago and started work on it […] February 3, 2025
Analysis Mining Tight supply and strong demand pressure silver prices Gulf investors – and romantics – may have to keep a watchful eye on silver in the months ahead as tight supply and strong demand make their impact on prices. This will not only have consequences for those looking for jewellery, but also for industries ranging from solar photovoltaics (PV) to electric vehicles (EVs), and […] February 3, 2025
Mining ADQ joins Orion in $1.2bn metals joint venture The third-largest of Abu Dhabi’s sovereign wealth funds, ADQ, is setting up a $1.2 billion joint venture with the US investment company Orion Resource Partners to invest in the metals and mining sector. The 50-50 joint venture will be based in Abu Dhabi and will target long-term agreements to source essential metals and minerals, including […] January 30, 2025
Analysis Trade Trump’s bravado fails to spook minerals market – so far Ordinarily, commodity markets tend to react strongly when leaders of major global economies announce plans for war and conquest. If those plans involve disrupting one of the world’s most important sea lanes and reversing centuries of peace with two major allies, you might even expect a certain panic. Yet, when US President-elect Donald Trump declined […] January 21, 2025
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] January 16, 2025
Mining Saudi development fund might invest $100m in Pakistan mining Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand. Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […] January 16, 2025
Analysis Mining Lithium find exposes Algeria’s neglected mining sector The discovery of lithium in Algeria is a major economic opportunity – but underinvestment in the country’s mining industry means it could take a decade or more to bear fruit, experts say. In May 2024, Algeria discovered significant deposits of lithium and other essential climate technology minerals in the southern regions of Tamanrasset and In […] January 16, 2025
Mining Aramco-Ma’aden JV to mine lithium in Saudi Arabia Saudi Aramco and Ma’aden, two listed companies on the Saudi bourse, will launch a joint venture for minerals exploration and mining in the kingdom. The proposed venture will focus on energy transition minerals, which includes lithium extraction from high-concentration deposits and use of cost-effective direct lithium extraction technologies. “This proposed JV would enable us to accelerate […] January 16, 2025
Mining Ma’aden announces new gold discoveries in Saudi Arabia Saudi Arabia’s state-owned mining company Ma’aden has announced the discovery of “multiple intercepts of recoverable gold and copper grades” in exploratory sites at Wadi al Jaww and Jabl Shayban, in a note published on the Saudi stock market (Tadawul) on Wednesday. In a separate note, it also revealed “strong gold mineralisation” beneath its flagship open […] January 15, 2025
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] January 14, 2025
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] January 14, 2025
Opinion Mining Riyadh seeks to become ‘rule shaper, not rule taker’ in mining Saudi Arabia's ambitions for a super-region will be on display at this week's Future Minerals Forum January 13, 2025
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] January 13, 2025
Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] January 13, 2025
Mining Saudi Arabia chases 15% stake in Pakistan’s Reko Diq mine Saudi Arabia is in talks with Pakistan to acquire a 15 percent stake in one of the world’s largest undeveloped copper and gold resources, a Pakistani government minister has said. Negotiations between the two countries started last year over a minority stake in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan […] January 3, 2025
Mining Oman resumes copper exports as global demand rises Minerals Development Oman (MDO) has resumed exporting copper from the Lasail mine in Sohar with its first shipment in nearly 30 years. The mine, developed by Oman Mining Company, a subsidiary of MDO, produces an average of 500,000 tonnes of copper ore per year. MDO said it also plans to initiate operations at the Al […] January 2, 2025
Mining Saudi Arabia extends bids deadline for largest mineral belts Saudi Arabia has extended the deadline for submitting exploration licence proposals for its first mineralised belts. The extension was granted following a request from qualified bidders, seeking more time to complete the procedures, the Ministry of Industry and Mineral Resources said. In November the ministry announced 14 pre-qualified bidders for the five mineralised sites. The […] December 25, 2024
Analysis Mining Critical minerals become a Middle East battleground Saudi Arabia’s efforts to boost domestic processing of so-called critical minerals could redraw the mining industry’s regional and global supply chains, industry observers say. Critical minerals are defined as materials required for a country’s strategic industries where there is a risk of interruption to supply. They include lithium, for making batteries, platinum, used in fuel […] December 4, 2024
Mining Oman takes 41% stake in Angolan diamond miner Oman’s Maaden International Investment has acquired a 41 percent share in Angolan diamond miner Catoca from Russia’s Alrosa. Diamantino Azevedo, Angola’s minister of mineral resources, oil and gas, announced the decision, saying the deal is in order to comply with sanctions imposed by the US, the European Union and allies, following Russia’s invasion of Ukraine […] December 2, 2024
