Riyadh, Jan. 11 (BNA): The Public Investment Fund (PIF) and the Saudi Arabian Mining Company (Maaden), one of the fastest growing mining companies in the world, made the announcement today during the opening of the Future Minerals Forum. A joint venture (JV) agreement to establish a new company that aims to invest in mining assets globally to secure strategic minerals essential to Saudi Arabia’s industrial development as well as the resilience of global supply chains.
According to the Saudi Press Agency (SPA), the company will be established after obtaining approvals from the relevant authorities and fulfilling some of the conditions of the joint venture agreement.
Ma’aden will own 51% and PIF will own 49% of the company. The company’s capital is 50 million US dollars. The company initially aims to invest in iron ore, copper, nickel and lithium as a non-operating partner holding minority positions. This will provide physical acquisition of vital minerals to ensure supply security for the domestic mineral downstream sectors, positioning Saudi Arabia as a key partner in achieving global supply chain resilience.
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