#Maaden
The venture will focus on energy transition minerals, with commercial lithium production scheduled to commence by 2027
The deal is valued between $963.25m and $1.06bn (BHD363m and 398m), and the proceeds will help SABIC grow in the chemicals industry
The potential deal is set to reshape the aluminium market, positioning the merged entity as one of the largest aluminium producers worldwide
The deal, which is expected to be completed in Q1 2025, is subject to regulatory and corporate approvals
Saudi Arabia plans to award more than 30 additional mining exploration licences to foreign investors in 2024
Rise in aluminium and gold sales volume boost Saudi mining giant’s earnings
The kingdom’s growing mining industry is a key pillar in Crown Prince Mohammed Bin Salman’s Vision 2030 programme to diversify the economy away from oil dependency
Vale and Manara Minerals is a joint venture between Saudi Arabian Mining Company, Ma’aden, and Saudi Arabia’s Public Investment Fund
The joint-venture company aims to initially invest in iron ore, copper, nickel, and lithium as a non-operating partner taking minority equity positions
The kingdom’s sovereign wealth fund signed non-binding memorandums of understanding with five companies
Maaden Waad Al Shamal Phosphate Co. will refinance $2.3bn owed to a syndicate of commercial banks and financial institutions
The company has no plans to cut capital expenditure in response to the coronavirus infection