Today, Tuesday, the Saudi Ministry of Industry and Mineral Resources signed memorandums of understanding and cooperation agreements with 6 countries aimed at strengthening international partnerships and developing the mining and minerals sector in the Kingdom, according to what was reported by the Saudi News Agency (SPA).
This came on the sidelines of the fourth international ministerial meeting of ministers concerned with mining affairs, held as part of the fourth international mining conference.
Agreements were signed with Djibouti, Jordan, the United Kingdom, Zambia, Austria and France.
The British government said today that it would sign a partnership with Saudi Arabia to cooperate in the field of minerals, which would help strengthen supply chains, create opportunities for British companies, and attract investments to the country, according to what Reuters reported.
Britain needs a secure, long-term supply of vital minerals, such as copper, lithium and nickel, which are used in making smartphones and electric cars, and are also essential for building data centers that help develop artificial intelligence systems.
As for Saudi Arabia – whose untapped mineral resources are valued at about $2.5 trillion – it seeks to become a major global center for trade in vital minerals.
For Britain, the agreement will form part of a broader industrial strategy that it says will be key to national security and achieving its goal of boosting economic growth and creating jobs.
The fourth edition of the International Mining Conference kicked off today in the capital, Riyadh, with the participation of government representatives from more than 90 countries.
The Ministry of Industry and Mineral Resources signs memorandums of understanding with 6 countries to enhance international partnerships in the mining and metals sector. https://t.co/SRwQTUkBnU#SPA_Economic pic.twitter.com/XRWsAun6ML
– SPA Economic (@SPAeconomic) January 14, 2025
Investments in Brazil
For his part, Brazilian Mining Minister Alexander Silveira said today that Ma’aden (Saudi Arabian Mining Company), the mining arm of the Public Investment Fund in the Kingdom, intends to open its first office in São Paulo.
Silveira added to reporters in Riyadh that the initiative includes an estimated 8 billion Brazilian riyals ($1.31 billion) to develop geological mapping in Brazil, according to Reuters.
He continued, “We need to know more about our subsoil and partner with the Brazilian mining sector so that we can explore the subsoil and benefit from it in a sustainable and appropriate way,” stressing that mining – along with oil and gas – is important in the global transformation process in the field of energy.
This investment is in line with Saudi Arabia’s strategy (Vision 2030) to diversify the Kingdom’s economy and benefit from the country’s expertise in the field of mining and sustainable energy.
It is noteworthy that Brazilian Energy Minister Alexander Silveira announced last June that the Public Investment Fund intends to invest about 15 billion dollars in his country.
Reuters reported that the fund will invest in areas such as green hydrogen, infrastructure, and renewable energy.
