Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Saudi Arabia has signed memorandums of understanding (MOUs) for mining collaborations with Egypt, Russia, Morocco and the Democratic Republic of Congo at the Future Minerals Forum in Riyadh, Saudi Arabia.
The MOUs Saudi Arabia signed with Egypt’s Ministry of Petroleum and Mineral Resources, Morocco’s Ministry of Energy Transition and Sustainable Development and the Congo’s Ministry of Mines of the Democratic Republic involve cooperation in “the field of mineral wealth”, while a separate agreement inked with Russia involves geology.
The country also announced a $182 million mineral exploration incentive program as part of efforts to build an economy that does not rely mostly on oil. Saudi Arabia has vast reserves of phosphate, gold, copper and bauxite.
“This programme will de-risk investments in our exploration, securing to enable new commodities, green field projects and junior miners,” Minister of Industry and Mineral Resources Bandar Alkhorayef said at the Future Minerals Forum.
Deals worth 75 billion riyals ($20 billion) are expected to be signed in Riyadh during this week’s industry event, he added, announcing the fifth and sixth rounds of a licensing program offering access to 33 exploration sites this year.
The Gulf state has revised upwards estimates for its untapped mineral resources to $2.5 trillion, from a 2016 forecast of $1.3 trillion. Alkhorayef said this was based on 30% of the Arabian shields exploration, suggesting there is more to be discovered.
As part of its push to diversify away from fossil fuels, Saudi Arabia has also established investment fund Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), to buy assets overseas.
Its first major foray abroad was a deal to become a 10% shareholder in Vale’s $26 billion copper and nickel unit last July.
“Manara’s …management are looking around, finding different assets to buy or to partner with different countries.”
(With files from Reuters)
19 Comments
Hendrik Rangata
These help economy to grow up
Darlington Joshua
Why is that Nigeria are not one of the signing nation for mining deals?
Mike
I want to know how can we get investors because we have so many mines that need investors and we have all documents in place.Mike from South Africa
André Nel
That is a good question mike.
Maybe someone here can answer that question.
Kobus
Morning Mike
Hope you get investment soon , on Afrimat side Andries van Heerden did us proud to bought the righy Opencast mines.
Like yourself sounds like you are also a driven person looking for someone to invest
Good luck
Jacob E Udoh
I am a retired director of mines environmental compliance, ministry of mines and steel development, Nigeria and currently into private practice.
Loyd Bwalya
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Amanda Stutt
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Best,
Amanda
Samuel Lihondo
Good morning, my name is Samuel Lihondo from Kenya, i ha a vold mine that i s underdeveloped and woyld wish to have an investor to partner with and realize the great potential.
If intrested kindly write to me, [email protected]
ALi Raza
Nice
Capias Chilongo
That’s a great move
Emmanuel Mulenga
Congratulations
SALEEM UR RAZZAQ
Any body interested to invest in Pakistan mining secter. A great opportunity for foreign companies and local companies
BORNFACE SANKENI
I’m a Zambian miner aged 46 trained in All Mining Operations, Marking, drilling and blasting, cable support, roofbolts transportation, keeping and charging of all explosives types both on surface and underground. In also in exploration both diamond core& Rc sampling. My WhatsApp number +260966355596
Cecilia Jamasmie
You can look for a job here: https://www.careermine.com/
Amanda Stutt
Hi, check out the job postings at https://www.careermine.com/
Amanda
Jesse Chansa Mwelwa
Hello am a 27 year old man, zambian recently contracted with konkola copper mine in chingola, zambia , was IT technican for the instrumentation department under systems, currently looking for a job opportunity
Cecilia Jamasmie
You can search here: https://www.careermine.com/
Amanda Stutt
Hi Jesse, check out the job postings at https://www.careermine.com/
Amanda