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Mining news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Alat will manufacture more than 30 product categories, including robotic systems, communication systems and advanced computers

PIF’s Alat to boost Saudi economy by $9.3bn

Saudi Crown Prince Mohammed bin Salman has launched Alat, a company central to the kingdom’s plan to become a global hub for electronics and advanced industries. The new entity, wholly owned by the Public Investment Fund (PIF), will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced […]

Lucid's factory in Saudi Arabia's King Abdullah Economic City will have the capacity to assemble 5,000 vehicles per annum in the first phase

Saudi’s Maaden unit strikes deal with EV maker Lucid

A subsidiary of the Saudi Arabian Mining Company (Maaden) has signed an agreement to supply aluminium sheets to US electric vehicle maker Lucid Motors. Maaden Rolling Company signed the deal with Lucid – which is 60.2 percent owned by Saudi Arabia’s Public Investment Fund – during the Future Minerals Forum in Riyadh. The deal will […]

Centamin employees at work in Egypt. The Sukari mine produced 128,127 ounces of gold in Q4 2023, a 17% increase year on year

UK owner ramps up output at Egypt’s largest gold mine

London Stock Exchange-listed Centamin expects annual gold production of between 470,000 and 500,000 ounces in 2024 from its flagship Sukari gold mine in Egypt. The annual output stood at 450,000 ounces in 2023. The company, which is based in Jersey and listed on the London and Toronto stock exchanges, reported that total revenue reached $892 […]

The Turkish government has set aside 106 billion lira for the mining sector, 10.5% of the 2024 budget

Turkey allocates $35.5bn for new projects in 2024

The Turkish government has earmarked 1.07 trillion lira ($35.53 billion) for 12,041 projects in its 2024 budget, according to the country’s official gazette. As part of the investment program, 318.96 billion lira has been allocated to 773 projects in the transportation and communication sector, Daily Sabah newspaper reported.  In addition, education takes a share of […]

Saudi minister of industry and mineral resources Bandar Al-Khorayef at the inauguration of Lucid Motor's first EV manufacturing plant in Saudi Arabia

Cobalt refinery to support Saudi EV ambitions

A European mining company has announced plans to develop a refinery in Saudi Arabia to process cobalt hydroxide into cobalt sulphate, which is used in electric vehicle (EV) batteries. Luxembourg-based Eurasian Resources Group (ERG) said the project aims to strengthen its position as a strategic supplier to the chemicals sector, particularly in batteries for EVs. […]

The chemical sector was Turkey’s second-largest export industry last year

Turkey targets 2024 chemical export revenues of $35bn

Turkey is aiming to increase chemical export revenues by 15 percent year on year to $35 billion in 2024, according to an industry trade body.  Exports reached $30.57 billion last year, down 8.7 percent from 2022, Hürriyet Daily News reported, citing Adil Pelister, president of the Istanbul Chemicals and Chemical Products Exporters’ Association. Global commodity prices fell […]

Morocco joins the Industrial Partnership for Sustainable Economic Growth at a signing ceremony in Bahrain

Morocco joins Mena industrial partnership

Morocco has become the fifth country to join a partnership that aims to strengthen industrial integration in the Middle East and North Africa. At a meeting held in Manama, Morocco’s entry into the Industrial Partnership for Sustainable Economic Growth was announced, joining the UAE, Jordan, Egypt and Bahrain. During the meeting $2.2 billion worth of […]

Saudi Arabia's construction giga-projects, part of its Vision 2030 strategy, are vulnerable to global supply chain problems

Saudi developer Roshn prioritises local sourcing

Saudi developer Roshn says it is increasing its local sourcing of building materials to manage global supply chain problems.  “We’re working on a target at the moment of trying to locally source around 60 percent of our construction activities within the kingdom,” CEO David Grover told Al Arabiya TV on January 14.  “For us it’s […]

Turkish steel producer Erdemir aims to reduce emissions by 40 percent by 2040 and become carbon neutral by 2050

Turkish steel producers to invest $3.2bn to cut emissions

Turkey’s two largest steel producers Erdemir and Isdemir will invest $3.2 billion (96.3 billion lira) to boost production and cut carbon emissions by 25 percent by 2030. Erdemir steel mill will reduce coal consumption by using biomass and natural gas while building new electric arc furnaces at its facilities in southern and northern Türkiye, Daily […]

Prince Abdulaziz bin Salman Saudi Arabia energy producer

Saudi energy minister: There’s more to us than just oil

Saudi Arabia should no longer be described as an oil producer but an energy provider, the kingdom’s oil minister said this week. Prince Abdulaziz bin Salman told a minerals forum in Riyadh that Saudi Arabia aims to be a provider of all forms of energy, with global companies welcome to manage the entire process themselves […]

The Nomad mining robot is based on Mars Rover technology but is exploring Saudi Arabia's mineral potential

Mars Rover tech digs into Saudi mineral potential

A mining and natural resources company is deploying technology based on Nasa’s Mars Rover in Saudi Arabia, as the kingdom ramps up its mineral wealth potential. Eurasian Resources Group (ERG) unveiled its Nomad robot at the Future Mineral Forum in Riyadh on Wednesday. It said the technology will “change early-exploration efforts as we know them”. […]

Turkey says it is 'ready to collaborate with all countries' in the mining sector

Turkey ready to explore rare earth mining partnerships

Turkey is seeking global collaborations and new partnerships in excavating and processing rare earth materials, energy and natural resources minister Alparslan Bayraktar said. “We are ready to collaborate with all countries, especially in Africa and the Western and Central Asian regions,” Daily Sabah newspaper reported, citing Bayraktar’s speech at the ministerial roundtable meeting at Future […]

Mumbai aluminium smelting

Aluminium: waiting for the rise in demand

With global aluminium prices soft and demand currently waning, the announcement last month of the launch of Kings Aluminium Industries’ AED750 million ($204 million) manufacturing and recycling plant in Abu Dhabi may have seemed unfortunately timed. However, “long term” has always been the name of the game with this lightweight metal, as giant, billion-dollar smelters […]

Sipchem HQ Saudi Aramco price rises

Costs blow for Saudi firms after Aramco price rises

Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […]

IHC revenue

Abu Dhabi’s IHC forms $27bn holding company 2PointZero

The Abu Dhabi-based International Holding Company (IHC) has set up a holding company that will have more than AED100 billion ($27.23 billion) in assets, under the name 2PointZero. The board has approved a move to transfer entities across several sectors to the new company after regulatory approvals, IHC said in a statement. The holding company’s […]

Maaden's potential gold discovery, along a 100 km stretch, was the first under an extensive exploration programme launched in 2022

Maaden discovers ‘significant’ gold reserves in Saudi Arabia

Maaden, Saudi Arabia’s flagship mining company, has discovered “significant” gold resource potential south of the existing Mansourah Massarah gold mine. The potential find, along a 100 km stretch, was the first under an extensive exploration programme launched in 2022, the company said in a statement. Samples showed the presence of high-grade gold deposits of 10.4 […]

Work gets underway on the second industrial city in Saudi Arabia's Aseer region

Second industrial city planned for Saudi’s Aseer region

Work has started on a second industrial city in the Aseer region of Saudi Arabia after the first attracted investments of more than SR2 billion ($533 million). The development is being implemented by the Saudi Authority for Industrial Cities and Technology Zones (Modon) and the Aseer Region Development Authority. The Second Aseer Industrial City covers […]

Hun Manet, the prime minister of Cambodia, arrives in Saudi Arabia for a meeting of southeast Asian nations and the GCC. Cambodia is one of the 34 in the emerging Asia group

Gulf’s pivot to Asia set to keep on rolling in 2024

2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […]

Vale Base Metals is North America’s largest integrated nickel producer and the largest copper business globally

Abu Dhabi’s IRH to invest $1.1bn in Zambia copper mines

UAE-based International Resources Holdings (IRH) will invest $1.1 billion as a strategic equity partner in Zambia’s Mopani Copper Mines (MCM). The investment will fund Mopani’s working capital, business expansion plan and pay off part of the $1.5 billion debt owed to previous owner Glencore, state-owned ZCCM Investments Holdings (ZCCM-IH) said in a statement. The Abu […]

A worker checks a shipment of copper in Valparaiso, Chile, the world's largest copper producer; rising prices and tighter supply may encourage the Middle East to ramp up its own production

Middle East craves a copper-bottomed future

While recent weeks have seen some major ups and downs in the price of copper, for many old hands in the sector this is nothing new. “The one sure thing in copper,” Carlos Risopatron, director of economics and environment at the International Copper Study Group, tells AGBI, “is that you can always rely on volatility.” […]

The Saudi PIF has pledged to buy up to 100,000 vehicles from US EV maker Lucid, in which it has a 60% stake

Saudi and Morocco vie for lead in Mena EV race

Two clear frontrunners in the global electric vehicle race have emerged in the Middle East and North Africa region.  Both Saudi Arabia and Morocco have accelerated efforts to develop their EV capabilities in 2023, with a series of multi-million-dollar investments and partnership deals.  The two kingdoms see the EV industry as central to achieving economic […]