Saudi Arabia to establish joint venture to invest in mining assets

Riyadh: The Saudi Public Investment Fund (PIF) and the Saudi Arabian Mining Company (Ma’aden) have announced that they would jointly establish a new company to invest in global mining assets.

The company’s capital will amount to $50 million and aims to initially invest in iron ore, copper, nickel, and lithium as a non-operating partner taking minority equity positions, Xinhua news agency reported.

The new company will significantly contribute to strengthening Saudi Arabia’s strategic position as an important link in the global supply chain in line with PIF’s strategy to grow key industries further, said Deputy Governor and Head of MENA Investments at PIF Yazeed Alhumied.