Prince Mohammed bin Salman is prepared to pour billions of dollars into tapping the more than $1.3 trillion of metals his government says is buried in the country.
Saudi Arabian Crown Prince Mohammed bin Salman is the Chairman of the Public Investment Fund
If only partially successful, the dream would have implications beyond the Middle East, not just for metals mining but also Saudi Arabia’s relations with the US, China and the emerging markets the kingdom is inching closer to. If everything comes to fruition, by 2025 the Khnaiguiyah site he’s working on will be producing metals including 100,000 tons a year of zinc and 10,000 tons of copper in its first phase. That’s miniscule by global standards — equivalent to Chile’s copper output in about 18 hours — but the aim is to double the volume. It’s one of several projects in the kingdom.
The transaction was the first by Manara Minerals, a vehicle established by Saudi Arabia’s powerful sovereign wealth fund — the Public Investment Fund, or PIF — and Saudi Mining Co., also known as Maaden. The agreement gives the kingdom, which beat off competition from Japan and Qatar, a 10% slice in one of the world’s crucial suppliers of nickel and copper — essential metals needed to decarbonize.
The main metal of interest to companies is copper, but Saudi Arabia also wants to mine uranium and phosphates for its nascent nuclear program. That’s drawn the attention of Western powers and the United Nations, who are wary of nuclear proliferation in the Middle East.
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