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
Mining Saudi Arabia targets stake in Pakistan’s $6.5bn mining project Saudi Arabia plans to acquire a 15 percent stake in the Reko Diq mining project in Pakistan, according to a media report. The stake will be purchased through Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), The Express Tribune, a Karachi-based news outlet, reported. The […] August 28, 2024
Mining Diamond weighing 1lb cheers Mubadala-backed financier The discovery in Botswana of a rough diamond weighing more than a pound, the second largest ever found, is likely to prove timely for Apex Group, the global financial services provider, which counts the Abu Dhabi sovereign wealth fund Mubadala among its key backers. The huge gem’s discovery was announced on Thursday by Lucara Diamond Corp, […] August 23, 2024
Industry Maaden profit up three-fold on higher commodity prices Maaden, Saudi Arabia’s largest miner, reported a three-fold surge in net profits supported by higher commodity prices and lower raw material costs. The second-quarter 2024 earnings rose to SAR1.02 billion ($260 million) from SAR351 million in the year-earlier period. In addition, an insurance claim of SAR270 million and a one-off severance charge of SAR192 million […] August 12, 2024
Analysis Mining Rare earth elements: a complex issue that’s vital to net zero Used in everything from car batteries and fridges to iPhones and elevators, rare earth elements are an ever-present – but rarely noticed – part of daily lives. They are also now central to the global energy transition, and their importance to Gulf states was highlighted this week by a $180 million investment by Qatar. The […] August 12, 2024
Finance Gold refineries suspended in UAE The UAE has temporarily suspended operations at 32 gold refineries in the country which were found to be in breach of anti-money laundering regulations. The suspension was backdated to begin on July 24 and runs until October 24, the emirate’s national news agency said. The refineries make up 5 percent of the gold sector in […] August 9, 2024
Mining Saudi Arabia seeks bidders for seven mining sites Saudi Arabia is seeking bidders for seven exploration sites as it accelerates the development of its $2.5 trillion untapped mineral resources. The ministry of industry and mineral resources has opened the sixth round of exploration licenses competition this month, offering the seven sites covering more than 1,000 sq km. The sites up for bidding include […] August 9, 2024
ANALYSIS Industry Made in Morocco – industrial giants just keep on investing Rabat's deals with manufacturers from the US, Europe and Asia provide a model of co-operation for the Arab world July 30, 2024
Mining Saudi Arabia opens bids for largest mineral exploration sites Saudi Arabia is inviting companies to bid for five new mineral exploration licences as it moves forward to unlock its vast mineral wealth. The government is seeking bids for three exploration licences at the Jabal Sayad mineralised belt, which covers almost 3,000 sq km. The belt is rich in copper, zinc, lead, gold and silver. […] July 22, 2024
Mining Mining licences granted for six sites in Saudi Arabia Saudi Arabia has granted exploration rights to five local companies to mine for precious metals at six sites around the country, while a further round of licence bidding has been opened. The locations at Al-Halahilah, Jabal Qaran, Makman Hijab, Al-Hijra, Nimas and Al Miyah exploration sites cover a total area of around 1,000 square km […] June 28, 2024
