{"id":73630,"date":"2025-05-16T00:00:00","date_gmt":"2025-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/05\/16\/burkhan-grand-mines-mining-to-develop-usd-9-bn-minerals-venture-in-ksa\/"},"modified":"2025-05-16T00:00:00","modified_gmt":"2025-05-16T00:00:00","slug":"burkhan-grand-mines-mining-to-develop-usd-9-bn-minerals-venture-in-ksa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/05\/16\/burkhan-grand-mines-mining-to-develop-usd-9-bn-minerals-venture-in-ksa\/","title":{"rendered":"Burkhan + Grand Mines Mining to develop USD 9 bn minerals venture in KSA"},"content":{"rendered":"

Saudi to get USD 9 bn minerals venture: <\/strong>US-based investment platform Burkhan World Investments and Saudi-based Grand Mines Mining inked a MoU to launch a new USD 9 bn company for mining investment and operations in the Kingdom, according to a statement<\/a> released on Tuesday. The new venture will cover the exploration, development, processing, and trade of lithium, cobalt, and rare earth minerals.<\/p>\n

ALSO- Ma\u2019aden + <\/strong>MP Materials<\/a><\/strong> to drive rare earth industrialization in the Kingdom:<\/strong> Saudi Arabian Mining (Ma\u2019aden) signed a MoU with US-based MP Materials to explore the development of a fully integrated rare earth supply chain in the Kingdom, according to a press release<\/a>. The potential collaboration spans mining, separation, refining, and magnet production.<\/p>\n

BACKGROUND- <\/strong>Last month, Ma\u2019aden was reportedly considering a rare earths partnership<\/a> with one of four international firms, including Australia\u2019s Lynas Rare Earths, Canada\u2019s Neo Performance Materials, China\u2019s Shenghe Resources, and US-based MP Materials.<\/p>\n

Saudi\u2019s mining ambitions span the supply chain\u2026: <\/strong>The kingdom has been advancing minerals projects across the supply chain, including three sites<\/a> planned for mining complexes in Madinah and the Eastern Province to mining complexes. Saudi has also been on a spree of awarding mining exploration licenses, with about 4.5k mining licenses<\/a> issued in the last two years and more than 30<\/a> planned this year. The Kingdom is also eyeing a piece<\/a> of the global trading in minerals as demand rises. <\/p>\n

\u2026 and it\u2019s making it attractive: <\/strong>The Kingdom launched a USD 182 mn incentive program<\/a> in January and a SAR 685 mn incentive package<\/a> last year as part of efforts to expand the sector, and further exploit its untapped mineral resources, which are now estimated to be worth as much as USD 2.5 tn<\/a> \u2014 or 90% more than the last forecast in 2016. <\/p>\n

REMEMBER- A fast and furious push:<\/strong> The country announced<\/a> it plans on developing a USD 100 bn mineral investment vehicle, including USD 20 bn that is currently underway.\u201dOil is no longer an energy security challenge \u2013 it\u2019s going to be gas, electricity, predominantly minerals,\u201d Saudi Energy Minister Abdulaziz bin Salman said at the Future Minerals Forum in January \u2014 where the country inked<\/a> 126 mining agreements and MoUs valued at SAR 107 bn (c. USD 28.5 bn). The country\u2019s mining profits stood at SAR 1.5 bn<\/a> in 2023.<\/p>\n

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MORE FROM TRUMP VISIT-<\/p>\n

#1- USD 10 bn for modular nuclear energy reactors: <\/strong>UAE-based Industrial Holding Company and American energy equipment supplier Holtec International will cooperate to build a fleet of Holtec\u2019s SMR-300 small modular reactors at its facility in Michigan, according to a White House statement<\/a>. An initial USD 10 bn was committed, with an additional USD 20 bn to be added for fleet projects. The project aims to \u201crevitalize American nuclear energy infrastructure,\u201d the statement read.<\/p>\n

#2- A gallium smelter:<\/strong> EGA will also collaborate with Tawazun Council and US defense conglomerate RTX on a USD 4 bn primary gallium smelter project in Oklahoma. Production will provide critical mineral supply chain support for semiconductors used for tech manufacturing security means.<\/p>\n

#3- Acwa Power has signed USD 500 mn worth of agreements with US companies spanning <\/strong>solar, desalination, green hydrogen, and ammonia<\/strong>, according to a statement<\/a> released on Wednesday. The agreements were signed on the sidelines of the Saudi-US Investment Forum in Riyadh during US President Trump's visit earlier this week. <\/p>\n

Here\u2019s a rundown:<\/strong><\/p>\n