- Agreement focused on studying the development of smelting and refining capabilities to advance Saudi Arabia’s position in the global metals and mining landscape.
- The Vision 2030 initiative to support industries worldwide by strengthening critical supply chains for metals and minerals.
- The memorandum of understanding with the Ministry of Investment of Saudi Arabia aligns with initiatives already underway between Ajlan & Bros. Mining and Platinum Group.
Saudi Arabia is accelerating its efforts to diversify its economy, recently announcing more than $9 billion in new mining and metals agreements (https://ibn.fm/DsnYw). Outlined during the 28th World Investment Conference in Riyadh, these deals are pivotal to the kingdom’s Vision 2030 initiative, aimed at reducing its dependence on oil and fostering growth in other industries.
The agreements highlight Saudi Arabia’s ambition to establish itself as a global hub for mining, tapping into mineral wealth valued at more than $1.3 trillion. Saudi Arabia is believed to hold reserves of critical minerals such as gold, phosphates and rare earth elements. Developing these resources could position…
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