PIF and Ma’aden sign an agreement to establish a company to invest in mining assets globally

PIF and Ma’aden sign an agreement to establish a company to invest in mining assets globally

- The company will initially invest in iron ore, copper, nickel, and lithium, as a non-operating partner taking minority equity positions in mining assets globally

- The agreement is in line with PIF's mission to build strategic economic partnerships and Ma’aden’s 2040 Strategy to strengthen and diversify its upstream mining capabilities and assets

Riyadh:– 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.

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,