More mining + green industry agreements for KSA from Future Minerals Forum: Saudi Arabia inked 126 mining agreements and MoUs valued at SAR 107 bn (c. USD 28.5 bn) at the fourth annual Future Minerals Forum, SPA reported last week. Many of the agreements aim to boost the Kingdom's mining, exploration, and value-added minerals supply chains, as well as sustainable production. Here’s what we know so far:

#1- Sustainable cement by Modon + STA: An industrial contract was signed between the SaudiAuthority for Industrial Cities & Technology Zones (Modon) and sustainable constructor STA Industry to allocate over 120k sqm of industrial land in Al-kharj to produce environmentally friendly cement alternatives, with planned investments of over SAR 195 mn, according to a statement published last week.

#2- Modon’s Al-Khunayqiyah industrial mining project: An MoU was signed to develop industrial land near the Al-Khunayqiyah mine, aiming to support mining operations and optimize the extraction of 25 mn tons of raw materials such as zinc, copper, manganese, and gold, SPA reported last Friday.

#3- Modon + Energy car batteries: Modon and Saudi Energy Projects Company signed an industrial contract allocating over 69k sqm of land in Shaqra industrial city for a car battery manufacturing plant, with over SAR 125 mn planned investments. The project focuses on localizing automotive battery production, creating national supply chains, and enabling exports to global markets, according to a statement released last week.

#4- RCJY + Vale: RCJY and Brazilian miner Vale signed a land reservation agreement for a multi-phase Mega Hub at Ras Al-Khair to sustainably produce up to 12 mn tons annually of cold-briquette iron ore, boosting raw materials for domestic and global markets and reducing emissions, according to a press release published last week.

#5- Deep-sea mining fund by Mekyal + Atlantis Blu Mining: An MoU between Atlantis Blu Mining GmbH and Saudi’s Mekyal Financial Technology and Marine Mining Company was signed to establish a USD 1.4 bn fund supporting deep-sea mineral exploration and exploitation, Mubasher reported last week.

#6- Ma’aden also signed an MoU with ElementUSA to deploy the latter’s tech to extract critical and REMs from various waste streams, including red mud and phosphogypsum, according to a press release published on Tuesday.

ICYMI- The Kingdom is turning into a “mining” Silicon Valley, advancing a massive USD 100 bn investment in its mining sector, including USD 20 bn already in progress, as part of a “fast and furious” push to deepen the Kingdom’s mining footprint and position itself as a global mining powerhouse.

ALSO- Ma’adeninks MoU with SpaceFleet + Tahreez to explore the Arabian Shield: Saudi Arabia’s mining company Ma’aden has inked an MoU with a JV — comprising Australia’s Fleet Space and Saudi security outfit Tahreez — to explore and develop mineral resources in the Kingdom, according to a press release published Monday. The collaboration entails leveraging developments in “space, multiphysics, and AI drill targeting services” and Fleet Space’s vertically integrated mineral exploration technology — ExoSphere — to “drive real-time 3D subsurface imaging” in areas like the Arabian Shield. The timeline and investment ticket of the project were not disclosed.

About the Arabian Shield: The Arabian Shield is a unique stretch of geological terrain, spanning parts of Yemen and Jordan and — for the most part — Saudi Arabia, according to the Saudi Geological Survey. It contains valuable sources of different metals and rare earth metals (REMs), such as gold, copper, zinc, lead, tin, tungsten, and uranium. The Saudi government mapped part of the region in partnership with the Chinese Geological Survey — at a cost of SAR 777 mn (USD 207 mn) — to locate mineral deposits in 2023.

MORE MINING UPDATES-

#1- The Saudi government has selected the first wave of qualified companies for the Exploration Enablement Program (EEP), according to a statement on Tuesday. The shortlisted firms are Saudi-backed Royal Road Minerals, KSA’s Ajlan & Bros, Ma’aden, Almasane Alkobra (Amak), Gold and Minerals Company, and the Australian battery chemicals company EV Metals Group.

Moving forward with the program: The program — announced early last year — incentivizes critical minerals exploration, including copper, lithium, and nickel, while offsetting costs of drilling, and geophysics and geochemistry surveys. EEP licenses will cover a total area of 4 sqkm and 440k drilling meters. The Saudi government shortlisted six bidders for the first batch of licenses last October, with another wave penciled in for this January.

#2- Oman grants new copper mining license: Oman’s Ministry of Energy and Minerals has granted Al Haditha Energya mining concession for copper in an area covering 1.4 sqkm in the Al Washhi-Al Majazah site in North Al Sharqiyah Governorate, the Times of Oman reported on Wednesday. The agreement provides for conducting topographical, geophysical and remote sensing surveys, geological mapping, and geochemical analysis during the first exploration period of three years. The site could contain up to 10 mn tons of extractable copper, the Times of Oman reported.

Major copper action for Oman recently: The Ministry granted AlTamman Indsil Ferrochrome a mining concession for chrome and copper in an area covering 790 sqkm in North Al Sharqiyah Governorate last month. Minerals Development Oman’s (MDO) subsidiary Mazoon Mining broke ground on its integrated copper concentrate complex in Yanqul Governorate back in November. The project — planned for operational launch in 1Q 2027 — spans an area of 20 sq km, with estimated copper ore reserves of 22.9 mn tons. The project will also feature a plant with an annual processing capacity of 2.5 mn tons of copper ore and a production capacity of 115k tons of copper concentrate at a grade of 21.5%.

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