Mining Saudi Arabia secures $9bn to unlock mining potential Saudi Arabia has announced investment agreements with global mining companies worth SAR35 billion ($9.32 billion), as the country seeks to capitalise on its estimated $1.3 trillion worth of untapped mineral resources. India-based Vedanta will build SAR7.5 billion copper facilities at Ras Al Khair Industrial City, including a greenfield smelter and refinery with a capacity of […] November 27, 2024
Economy Ras Al Khaimah’s economy to expand until 2027 Ras Al Khaimah’s (RAK) economy is projected to expand by an average 4.2 percent annually until 2027, driven by strong tourism, real estate, manufacturing, and mining performances, S&P Global said. “We forecast GDP per capita levels to strengthen to about $32,800 by 2027, compared with an estimated $30,000 in 2024,” the rating agency said. This […] November 25, 2024
Mining Saudi Arabia’s Ma’aden seeks $1bn private sector investment Saudi Arabian Mining Company (Ma’aden) is offering upwards of 52 investment opportunities worth SAR4 billion ($1 billion) to boost private sector participation, a senior executive has said. Investments worth SAR1.3 billion are already in the implementation phase, Abdullah Al Osaimi, senior vice president, procurement and business support, told CNBC Arabia. Ma’aden, Saudi Arabia’s largest miner, […] November 22, 2024
Mining Alba to decide on Ma’aden merger early next year Aluminium Bahrain (Alba) expects to decide whether to merge with subsidiaries of Saudi Arabia’s Ma’aden by the first quarter of 2025, its chief executive said on Wednesday. Alba, Bahrain’s largest listed company with a market valuation of almost BHD2 billion ($5.3 billion), on September 16 announced it had entered a non-binding agreement with Ma’aden. Under […] November 13, 2024
Mining Minerals come into focus as Egypt wrestles with oil reforms Egypt’s proposed platform to encourage investment into their minerals sector is likely to launch early next year, the minister of petroleum and mineral resources said this week. The so-called Mining Portal, which was originally scheduled to be operational by the end of 2024, is part of a drive to exploit what the government says is […] November 8, 2024
Industry Bahrain’s Alba looking to Europe after Ma’aden deal Aluminium Bahrain (Alba) will keep exploring mergers and acquisitions, with a particular eye on Europe, once it completes its multi-billion dollar deal with Saudi Arabian Mining Company (Ma’aden). The deal is expected to be signed off in the first half of next year. The two companies penned a non-binding agreement in September and are in […] November 5, 2024
Analysis Mining How the UAE has made a global mining power grab Embracing copper from Peru, lithium from Zimbabwe, tantalum from Kenya and bauxite from Pakistan, the UAE’s mining interests nowadays span three continents. Trade deals with Australia and New Zealand agreed in September may also soon see those interests Down Under. Certainly, Australia’s minister for trade and tourism, Don Farell, hopes so. “The negotiated package,” he […] November 4, 2024
Mining PIF’s Manara seeks long-term deals, not just a ‘quick buck’ The Saudi investment fund Manara Minerals is targeting long-term deals and is not looking to “flip a quick return” during the current market slump, the CEO of its parent company owner has declared. Prices in critical minerals such as lithium, nickel and cobalt have slumped since 2023, after an initial surge as the market recovered […] October 31, 2024
Industry Copper-trading centre in Abu Dhabi planned by UAE’s IRH The UAE’s International Resources Holding (IRH) intends to set up a copper trading hub in Abu Dhabi, as the market looks to forecasts from China on the direction of prices. IRH, an arm of International Holding Company, said it plans to target “over 500,000 tonnes of green copper annually by 2025”. “This initiative will further […] October 25, 2024
Opinion Trade UAE believes trade with Africa is worth the risk Investments by Emirati companies are being encouraged and supported by the government October 22, 2024
Mining PIF’s Manara in talks to buy minority stake in Zambian mines Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […] October 17, 2024
Analysis Mining Saudi Arabia’s zinc project is set for the long term In the deserts of Saudi Arabia, 170km southwest of Riyadh, the Khnaiguiyah mining project is the kingdom’s largest mineral exploration site. Geologists and miners are looking to extract 25 million tonnes of zinc and copper ore from this opencast prospect over the next 12 years. That would establish Khnaiguiyah as the Gulf’s first world-level zinc mine […] October 16, 2024
Mining Saudi-backed Vale plans to increase copper output Brazilian miner Vale, which is backed by Saudi Arabia’s Public Investment Fund (PIF), aims to increase copper production after conceding that it had lost ground to competitors in its output of the key metal. Vale is a top global iron ore producer but also operates base metal projects including copper and nickel. In his first […] October 4, 2024
Mining IRH of Abu Dhabi to invest in South Africa Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore […] October 1, 2024
Analysis Mining Ma’aden-Alba merger ‘a potential game changer’ The proposed merger between the Saudi Arabian mining company Ma’aden and Bahrain’s aluminium smelter Alba looks likely to shake up the global aluminium industry, with the new company challenging for sixth place in the world rankings. “It’s almost a game-changing event, particularly in the GCC region,” says Andy Farida, a senior analyst at Fastmarkets, a […] September 27, 2024
Mining Mineral wealth leads global lab to open in Saudi Arabia The drive to exploit Saudi Arabia’s estimated $2.5 trillion of untapped mineral wealth has moved another step forward with the opening by the global laboratory testing company Bureau Veritas of a new metal and minerals facility in Jeddah. “Saudi Arabia is one of our key markets. It’s fast growing and that’s what makes it quite […] September 23, 2024
Industry Maaden to acquire Sabic’s stake in Bahrain’s Alba Saudi Arabian Mining Company (Maaden) will acquire Saudi Basic Industries Corporation’s (Sabic) 20.62 percent share in Aluminium Bahrain (Alba) as part of its global growth strategy. The Saudi-listed mining major aims to grow ten times by 2040, with its aluminium business being the core contributor. Maaden will become the second-largest shareholder in Alba, holding a 20.62 […] September 18, 2024
Trade Australia and UAE hope for $678m boost after trade deal Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […] September 17, 2024
Industry Alba and Maaden plan global aluminium powerhouse Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, and Saudi Arabian Mining Company (Maaden) have signed a non-binding agreement to explore forming a “global powerhouse” in aluminium production. “This potential combination will reshape the global aluminium industry, positioning the merged entity as one of the largest aluminium producers worldwide,” Bahrain-listed Alba said in […] September 17, 2024
Mining Maaden to buy Alcoa stake in Saudi venture for $1.1bn Saudi Arabian Mining Company (Maaden) will purchase a 25.1 percent stake from US aluminium producer Alcoa in their joint venture for $1.1 billion. The transaction includes 86 million shares of Maaden, valued at $950 million, and $150 million in cash. The joint venture, established in 2009, is a fully integrated mining complex in Saudi Arabia consisting of […] September 16, 2024
Industry Saudi Arabia open to joint mining ventures with China Saudi Arabia is open to joint investments with Chinese mining companies, mineral resources minister Bandar Alkhorayef has said. The kingdom is seeking collaborations in processing and producing lithium used in electric vehicle (EV) batteries, as well as processing and refining copper, the state-run Saudi Press Agency reported. During a meeting with senior executives of General […] September 8, 2024
Infrastructure UAE backs Jordan’s $2.3bn rail line for mining exports A new $2.3 billion railway project in Jordan, supported by the UAE, will help increase its mineral export capabilities. Construction tenders are slated to be issued in early 2026. Etihad Rail, the developer and operator of the UAE national railway network, and Jordan’s transport ministry have signed four agreements for the railway, which will connect […] September 5, 2024
