Riyadh, Jan. 11 (BNA): The Public Investment Fund (PIF) and the Saudi Arabian Mining Company (Ma’aden), one of the world's fastest-growing mining companies, today announced during the opening of the Future Minerals Forum the signing of a joint venture (JV) agreement to establish a new company that aims to invest in mining assets globally to secure strategic minerals that are essential for Saudi Arabia’s industrial development as well as the resilience of global supply chains.
According to Saudi Press Agency (SPA), the company will be incorporated after obtaining approvals from the relevant authorities, and satisfying certain conditions of the JV agreement.
Ma’aden will own 51% and PIF will own 49% of the company. The company’s capital will amount to USD 50 million. The company aims to initially invest in iron ore, copper, nickel, and lithium as a non-operating partner taking minority equity positions. This will provide physical offtake of critical minerals to ensure supply security for domestic mineral downstream sectors, and position Saudi Arabia as a key partner in achieving global supply-chain resilience.