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.”
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
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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