PIF, Ma’aden sign agreement to establish company to invest in mining assets globally – Saudi Gazette

PIF, Ma’aden sign agreement to establish company to invest in mining assets globally – Saudi Gazette

RIYADH — The Public Investment Fund (PIF) and the Saudi Arabian Mining Company (Ma’aden) on Wednesday announced during the opening of the Future Minerals Forum the signing of a joint venture (JV) agreement to establish a new company.

The new firm 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 $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.

Deputy Governor and Head of MENA Investments at PIF Yazeed Alhumied said: “PIF and Ma’aden combine extensive investment expertise with deep sector knowledge.

“The new company will significantly contribute to strengthening Saudi Arabia’s strategic position as an important link in the global supply chain in line