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