More critical minerals lined up for the UAE: Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, is forming a JV with Thai copper manufacturer Oriental Copper to manufacture high-quality copper products in the UAE, according to a statement (pdf) released last Thursday. Both firms will invest a capital expenditure of AED 150 mn, the statement notes.

The details: The JV aims to set up a production unit to manufacture high-quality copper products, including electrolytic tough pitch (ETP) and oxygen-free copper bus bars, profiles, strips, sheets, alloys, and magnet wires. The unit will have an installed capacity of 30k MT of copper processing per annum. The partnership comes under the investment arm’s efforts to manufacture high-quality copper locally to meet the increasing demand for downstream copper products in the Gulf country.

What they said: “This MoU is a vital step in meeting the region's need for downstream copper products, which is now primarily met by imports … This further falls in line with our sustainability objectives, as Oriental Copper products foster green energy and lower carbon footprints in the UAE,” Dubai Holding CEO Ahmad Hamad Bin Fahad said.

REMEMBER- Copper's electrical conductivity makes it a key element for the green energy transition, with applications including solar panels and electric vehicles.

It’s been a minerals-heavy week in the region: KSA’s Manara — a recently established JV between Saudi Arabia’s sovereign wealth fund and state-owned mining company Ma’aden — sealed an agreement in late July with Brazilian miner Vale to grab a 10% slice of its base metals unit as it eyes a pivotal role in the global energy transition supply chains. The move comes under efforts by Saudi Arabia to become a global hub for green metals that are critical for the energy transition and diversify its economy away from oil.

Tags: