With 107 billion riyals…the signing of 126 agreements and memorandums of understanding at the mining conference
The signing ceremony of the agreements was attended by His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, Minister of Investment Khalid bin Abdulaziz Al-Falih, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, Deputy Minister of Mining Affairs Khaled Al-Mudaifer, and a number of senior officials in the government and private sectors.
International Mining Conference
The agreements and memorandums of understanding that were signed include; A memorandum of understanding between the Royal Commission for Jubail and Yanbu and Tosyali Cormetal Arabia, to cooperate in establishing an integrated factory for the production of flat steel in Ras Al-Khair Industrial City. The project aims to support the value-added chain of the steel sector in the Kingdom and enhance export capabilities.
A cooperation agreement was signed between the Royal Commission for Jubail and Yanbu and Vale Company to produce raw iron briquettes in Ras Al-Khair, which enhances the supply of raw materials necessary for national and global industries.
Exploration of mineral resources
In an ambitious step to enhance copper production, the Royal Commission for Jubail and Yanbu signed a memorandum of understanding with Vedanta Company Limited to establish a copper smelter and refinery with a production capacity of 400,000 tons per year, in addition to a copper rod production factory with a capacity of 300,000 tons per year in the city of Ras Al-Khair.
The agreements also included the conclusion of a memorandum of understanding between Mikael Financial Company and the Marine Mining Company, aiming to establish a fund to support projects for exploring and exploiting minerals in the deep sea. The project is an innovative initiative to expand the scope of exploration for mineral resources and the use of modern techniques in marine mining.
The National Industrial Company signed a memorandum of understanding with Shanghai Donghixin New Materials Co., Ltd., with the aim of developing the advanced materials industry and enhancing production efficiency and industrial technologies.
4 strategic projects
The conference witnessed the announcement of 4 strategic projects, including the launch of a joint project between Aramco and Ma’aden to explore critical minerals needed for the energy transition. This partnership combines Aramco’s expertise in geological data and digital technologies, and Ma’aden’s capabilities in the fields of exploration and development.
Ma’aden also announced new discoveries, including a potential expansion of the Mansoura and Massara mines, and discoveries in Wadi al-Jaw and the Shaiban deposits.
In the iron and steel sector, Hadeed Company announced its complete acquisition of Al Rajhi Steel Industries Company, with an investment plan of 25 billion riyals to meet the needs of giant projects, while the Chinese company Baosteel announced the construction of the first integrated steel factory outside China in cooperation with Aramco and the Public Investment Fund. .
It is noteworthy that the activities of the fourth edition of the International, launched yesterday in Riyadh, with a record attendance of more than 18,000 participants from 170 countries, and with the participation of 405 speakers in more than 70 sessions, to review the latest developments in the sector, and discuss future challenges and opportunities, with a focus on enhancing international cooperation and sustainability. Mining sector to achieve economic and social development in the world.
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