Maaden unveils various JV investments with Saudi PIF, global corporations

Maaden unveils various JV investments with Saudi PIF, global corporations

Riyadh – Saudi Arabian Mining Company (Ma’aden) signed joint venture (JV) agreements with the Saudi Public Investment Fund (PIF) and several firms within the Kingdom and worldwide earlier in January, according to bourse disclosures.

Partnership with PIF to Invest in Mining Assets Worldwide

Ma’aden and the PIF will establish a new company at an initial paid-up capital of SAR 187.50 million, in which they will hold 51% and 49% stakes, respectively.

The Riyadh-based mining company announced SAR 95.62 million investment from its own resources, noting that it had reached an agreement with the PIF in case additional financing was needed for the project.

In this regard, the two parties will endorse the new entity with up to SAR 11.95 billion through other transactions, such as capital increases. Accordingly, the Tadawul-listed firm’s contribution will reach a maximum amount of SAR 6.09 billion, unless another development occurred.

Meanwhile, the new firm aims to invest in mining assets globally in order to secure strategic minerals. It will pump investments in the iron ore, copper, nickel, and lithium sectors for being a non-operating partner with minority equity positions.

Furthermore, this step will guarantee supply security for domestic minerals downstream sectors, making Saudi Arabia a key partner in global supply chain