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Saudi Mining Sector Provides Investment Opportunities for Brazilian Companies

Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef met with Eduardo Bartolomeo, CEO of the mining company “Vale,” in Brazil on Saturday. They discussed promising investment opportunities in the Saudi mining sector for Brazilian companies and expansion plans for Brazilian investors in the Kingdom.

Saudi Arabia recently acquired a 10 percent stake in the company “Vale” for basic metals through the company “Manara Minerals,” a joint venture between the Public Investment Fund and the company “Ma’aden.”

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The meeting also discussed the importance of using modern technologies in mining projects. It would lead to production efficiency and enhance environmental sustainability.

During the meeting, the CEO of Vale stated that the company received substantial support when investing in the Kingdom. Moreover, this support facilitated their business operations, especially when establishing the iron pelletizing project in the Ras Al-Khair region (eastern part of the Kingdom).

Brazil, Important Partner

Brazil has immense mineral wealth and extensive experience in mining, making it an important partner for the Kingdom. This is especially significant given the strong bilateral relations between the two countries, which have spanned over 50 years with significant cooperation in energy and minerals.

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Mining Sector Investment

The Kingdom has improved the investment environment by amending the mining investment system and launching incentives. These also include joint financing of 75% of capital expenditures, a five-year tax exemption, and 100% direct foreign ownership. In April 2024, the Ministry of Industry and Mineral Resources announced the Exploration Enablement Program, allocating $182 million to reduce exploration investment risks.

Saudi Arabia recently announced the establishment of the National Minerals Program. It will be a powerful and supportive tool to enhance the quality of mineral supply chains. Furthermore, the Kingdom aims to invest 120 billion riyals in basic and strategic mineral industries.

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