(MENAFN) Saudi Arabian Mining Co. stated on Wednesday that it reached an agreement to establish a mutual project with the Kingdom’s sovereign wealth fund to finance in mining assets internationally.
Also known as Ma’aden, the Gulf’s biggest miner is going to possess 51 percent of the project whereas the Public Investment Fund is going to possess 49 percent, the firm stated in a regulatory filing.
Ma’aden asserted that the fresh project’s plan “will initially be to invest in the iron ore, copper, nickel and lithium sectors as a non-operating partner taking minority equity positions.”
“This will provide physical offtake of critical minerals to ensure supply security for domestic minerals downstream sectors and positioning Saudi Arabia as a key partner in global supply-chain resilience,” it also mentioned in the filing.
The new firm’s first paid-up capital is going to reach SR187.5 million (USD50 million), of which Ma’aden is going to fund SR96 million (around USD25.5 million) as its stake of the project.
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