Saudi Arabia Sets Its Sights on a Less Glamourous Source of Wealth

Saudi Arabia is investing billions to establish a metals mining industry domestically and acquire international mining assets, aiming to become a global supplier.
The country has ambitious 2030 goals to produce metals like zinc, copper, and uranium, though some are skeptical of its geology and infrastructure.
Saudi Arabia is partnering with mining companies and forming vehicles like Manara Minerals to invest in major international mining assets.
The mining push is part of Saudi's Vision 2030 plan to diversify its economy away from oil dependency.
Saudi wants to provide an alternative source of key metals like copper to China, positioning itself strategically amid US-China competition.

yahoo.com

Relevant topic timeline:

8/30/2023

BRICS: Saudi Arabia Preparing to Invest $16 Billion From Reserves

Saudi Arabia, as a new member of the BRICS economic alliance, plans to invest $16 billion from its foreign reserves, signaling a shift towards prioritizing investment over reserves and potentially bolstering the bloc's ongoing initiatives.

9/4/2023

Pakistan's interim PM says Saudi Arabia to invest $25 bln over next five years

Saudi Arabia plans to invest up to $25 billion in Pakistan over the next few years, focusing on sectors such as mining, agriculture, and information technology, in an effort to increase foreign direct investment and aid Pakistan's economic recovery.

9/6/2023

Unreal expectations

Pakistan's civilian and military leaderships are optimistic that Gulf states, particularly Saudi Arabia, will invest billions of dollars in the country to alleviate its cost-of-living crisis, but doubts remain about the feasibility of these projections and the need for economic reforms and stability.

9/8/2023

Saudi Arabia Aims to Boost Oil Exports to China, Regain Lost Market Share from Russia

Saudi Arabia is set to increase its crude supplies to China as new refining capacity lifts offtake, aiming to regain lost market share in the country. Meanwhile, China's huge zinc imports have revived hopes for economic growth in the second half of 2023.

9/10/2023

Saudi Arabia Eyes Billions in Investments in Pakistan's Energy and Mining Sectors

Pakistan needs to address concerns related to incentives, coordination, and remittance in order to secure Saudi investments in copper, mineral, refinery, and solar projects worth $25-30 billion, including the construction of a $10-12 billion refinery in Hub or Gwadar.

9/10/2023

U.S., Saudi Arabia Seek to Secure Metals for Clean Energy in Africa

The United States and Saudi Arabia are in discussions to secure African metals valued at $15 billion in order to support their energy transitions, with a state-backed Saudi venture expected to buy mining assets in countries such as the Democratic Republic of Congo, Guinea, and Namibia, allowing U.S. companies the right to purchase part of the production.

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Posted 9/7/2023, 4:00:00 AM

Saudi Arabia Sets Its Sights on a Less Glamourous Source of Wealth

Saudi Arabia is investing billions to establish a metals mining industry domestically and acquire international mining assets, aiming to become a global supplier.
The country has ambitious 2030 goals to produce metals like zinc, copper, and uranium, though some are skeptical of its geology and infrastructure.
Saudi Arabia is partnering with mining companies and forming vehicles like Manara Minerals to invest in major international mining assets.
The mining push is part of Saudi's Vision 2030 plan to diversify its economy away from oil dependency.
Saudi wants to provide an alternative source of key metals like copper to China, positioning itself strategically amid US-China competition.

yahoo.com

Relevant topic timeline:

8/30/2023

BRICS: Saudi Arabia Preparing to Invest $16 Billion From Reserves

9/4/2023

Pakistan's interim PM says Saudi Arabia to invest $25 bln over next five years

9/6/2023

Unreal expectations

9/8/2023

Saudi Arabia Aims to Boost Oil Exports to China, Regain Lost Market Share from Russia

9/10/2023

Saudi Arabia Eyes Billions in Investments in Pakistan's Energy and Mining Sectors

9/10/2023

U.S., Saudi Arabia Seek to Secure Metals for Clean Energy in Africa