Mining Saudi’s Almar Water explores lithium venture in Chile Almar Water Solutions, a water infrastructure developer and part of Saudi Arabian company Abdul Latif Jameel Energy, plans to partner with Chile’s state-backed Codelco in the Maricunga lithium mining project. The Spain-based company aims to leverage its technology to extract battery-metal lithium, Reuters reported, quoting CEO Carlos Cosin. Chile is the world’s second-largest lithium producer […] June 26, 2024
Analysis Industry Silver is riding high but the market remains volatile With a gain in its spot price of nearly one-third since the start of the year, silver is now 2024’s best-performing precious metal. It is a major industrial material with an important role in the green energy transition. Yet, while these factors are combining to give silver a moment, analysts are quick to warn of […] June 25, 2024
Mining Saudi Arabia targets Chile for lithium investments Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […] June 18, 2024
Mining Maaden Q1 profit jumps twofold to $262m Higher sales volume and lower depreciation costs helped Saudi state-backed miner Maaden’s net profits rise more than twofold rise year on year for the first quarter of 2024. Net earnings reached SAR982 million ($262 million) in January to March, compared to SAR419 million a year earlier. Revenue fell 9 percent year on year to SAR7.2 […] May 14, 2024
Opinion Mining The Gulf has solid reasons to intervene in BHP’s bid for Anglo Anglo's board has rejected two offers. A 'white knight' could step in – and become a force in mining May 13, 2024
Industry Industrial output falls in Saudi Arabia after oil cuts Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […] May 10, 2024
Mining Saudi industry minister tempts investors with funding incentives Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers. Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […] May 3, 2024
Mining Manara takes a $2.5bn stake in Brazilian mining giant Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), has completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. Maaden said in a filing to the Saudi Exchange that it has acquired 10 percent of Vale Base Metals Limited […] May 1, 2024
Mining UAE and Kenya sign mining and technology deal The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […] April 25, 2024
Analysis Renewable Energy Lithium’s highs and lows – and what they mean for the Gulf For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […] April 12, 2024
Opinion Industry Gulf giants need to take a lead role in the age of ‘Big Shovel’ There are challenges to overcome before the region can become a mining powerhouse April 8, 2024
Industry Oman advances plans for mega minerals complex State-backed Minerals Development Oman (MDO) has awarded a feasibility study contract for a new industrial minerals complex in Dhofar governorate. The company is working to secure the final investment decision to proceed with the Al Shuwaimiyah industrial minerals project, according to its 2023 annual report. MDO is also in discussions with potential investors to take […] April 8, 2024
Infrastructure PIF close to buying Pakistan copper mine stake Saudi Arabia’s Public Investment Fund is close to finalising a deal to buy a $1 billion stake in Pakistan’s Reko Diq copper-gold mine, in what would be a Saudi lifeline for the debt-ridden country, a Pakistani newspaper has reported. Barrick Gold, the Canadian-listed company that owns a 50 percent stake in the Reko Diq mine, […] April 5, 2024
Industry Saudi Arabia invites bids for six mining licences Local and international investors are being invited to bid for the latest round of mining licences in Saudi Arabia as the kingdom ramps up operations across its minerals sector. The six mining opportunities revealed by the Ministry of Industry and Mineral Resources include gold, copper, zinc, lead and silver ore and cover a total area […] April 4, 2024
Finance Oman launches $5bn fund for major projects Oman Investment Authority plans to deploy about $1 billion per year over the next five years as part of a new fund launched on Wednesday that will primarily focus on large-scale projects in the sultanate. The OIA officially announced the launch of the Future Fund Oman with $5.2 billion of capital, 90 percent of which will […] March 27, 2024
Industry Abu Dhabi’s IRH completes Zambian copper mine deal Abu Dhabi’s International Resources Holdings (IRH) has completed its acquisition of Mopani Copper Mines in Zambia and is reported to be interested in acquiring more of the country’s minerals industry. IRH is part of International Holding Company, Abu Dhabi’s most valuable company. Previous reports said IRH would invest $1.1 billion through the deal in return […] March 22, 2024
Industry Abu Dhabi industrial sector attracts foreign investors The Abu Dhabi Chamber of Commerce has said that the number of industrial licences issued by the emirate last year increased by 51 percent. The total now stands at 363, excluding free zones. Statistics from Abu Dhabi Chamber also revealed that 46 foreign companies secured industrial licences in the emirate, with mining support services attracting […] March 21, 2024
Industry Demand for Saudi mining licences rises sharply Incentives and legislation are fuelling growth in Saudi Arabia’s mining industry as the government seeks to stimulate investment under Vision 2030. The Ministry of Industry and Mineral Resources said demand for Saudi mining licences had surged since a mining investment law came into force in 2021. The number of building material quarry licences jumped to […] March 20, 2024
Tourism Direct Shanghai flights reinforce Saudi air links scheme China Eastern Airlines is to launch direct flights to Riyadh as part of the Saudi Air Connectivity Program (ACP) and the ‘Air Silk Road’ initiative to improve trade and tourism links between the two countries. Commencing on April 8, 2024, the three weekly flights will operate directly from Shanghai Pudong Airport and Riyadh’s King Khalid […] March 12, 2024
Economy Jordan’s economic growth to slow on lower tourist arrivals Jordan’s economic growth will ease to 2.1 percent in 2024 from 2.6 percent in 2023, as tourism arrivals are likely to be lower than record-breaking levels seen last year, S&P Global Ratings said in a report. “Our GDP growth forecast reflects fiscal drag and an expected increase in precautionary savings amid rising regional tensions,” it […] March 11, 2024
Analysis Industry Uranium prices rise with demand for nuclear power Barakah in the UAE, Dabaa in Egypt, Bushehr in Iran and Akkuyu in Turkey. Nuclear energy is now seen by many countries as central to emissions reduction. It is little surprise then that demand for feedstock – mainly uranium – has been spiking. Prices for the mineral, which is critical to the production of nuclear power […] February 26, 2024
Industry Saudi’s Maaden profit drops 83% on high debt costs Saudi state-owned mining company Maaden reported an 83 percent year-on-year drop in net profit to SAR1.6 billion ($426 million) in 2023 as a result of higher borrowing costs and lower income from joint ventures. Revenue fell 27 percent year on year to over SAR29 billion ($7.7 billion) due to lower prices for all commodities except […] February 26, 2024
