ERG is eyeing mining in the Arabian-Nubian Shield: Luxembourg-headquartered Eurasian Resources Group (ERG) is looking to build up a portfolio of energy transition minerals by investing in mining activities in MENA and the GCC, CEO Benedikt Sobotka said in an interview with S&P Global last week. The group identified the Arabian-Nubian Shield — a geological phenomenon located in parts of Jordan, Egypt, Saudi Arabia, Sudan, Eritrea, Ethiopia, Yemen, and Somalia — as one of the regions with potential.

ERG is pumping big money in Africa in the next 5 years: ERG plans to invest some USD 1.8 bn over the next five years to double its copper and cobalt production in Africa. Copper, cobalt, nickel, and lithium are critical minerals for EV and battery storage production, which are expected to see a massive jump in demand in the coming years as countries roll out their plans for energy transition, S&P writes.

ERG looks to KSA to establish its regional presence: The group announced that it will invest USD 50 mn in Saudi Arabia’s mining sector last January. ERG said it is planning large-scale and tech-driven, early-stage exploration for battery transition materials in KSA’s Dawadmi region and has already secured licenses. ERG will set up two offices in KSA — one in Riyadh and the other in Jeddah — with its presence on the ground serving as a springboard for the company’s growth in MENA.

ERG is not the only one eyeing the kingdom’s minerals: The UK formed its first-ever partnership on critical minerals with Saudi Arabia in January in a bid to collaborate to diversify sources of critical minerals and shore up its critical mineral supply chains and reduce its dependence on China. The kingdom launched the pre-qualification stage for five mining exploration sites in February, and a potential 10 other mining licenses may be up for grabs this year, Reuters reported. The kingdom says it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn.

And KSA is reportedly sinking bns in the sector: A joint venture between Saudi mining company Maaden and the Public Investment Fund (PIF) established in January is preparing to deploy over USD 15 bn of capital for investments in global mining investments over the coming years. The kingdom said at the time that it has untapped metals and minerals — including copper, zinc, phosphate, and gold — collectively worth USD 1.3 tn.

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