The Future Minerals Forum (FMF) wrapped up on Thursday with over 126 mining agreements worth SAR 107 bn signed, state news agency SPA reports. The agreements covered exploration, financing, R&D, and sustainability, among others.

MODON’S LOCALIZATION PUSH-

#1- The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed SAR 2.3 bn-worth of agreements to localize mining industries. The agreements include:

  • A SAR 1.3 bn agreement with Tahweel Holding to build an aluminum foil plant in Dammam’s third industrial city spanning 205k sqm;
  • A SAR 125 mn agreement with Energy Projects Company for a car battery manufacturing plant in Shaqraa Industrial City, spanning 69k sqm;
  • A SAR 195 mn agreement with STA Industry to establish a sustainable cement manufacturing facility in Al Kharj Industrial City, spanning 120k sqm.

ALSO- Modon signed an agreement with PIF’s mining unit Ma’aden to develop the infrastructure in the residential area of the Wa’ad Al Shamal Industrial City’s second phase, spanning 365k sqm. Further details on the investment ticket and timeline were not disclosed.

ALSO SIGNED AT THE FMF-

#2- RCJY inks agreements with Turkish and Brazilian manufacturers: The Royal Commission for Jubail and Yanbu (RCJY) signed an agreement with Turkish steel conglomerate Tosyali Holding to establish a flat steel production plant in Ras Al Khair, as well as a land reservation agreement with Brazil’s sustainable mining company Vale for a two-phase “mega hub” to manufacture cold-briquetted iron ore, with a full operational capacity of up to 12 mn tonnes annually.

RCJY also inked an MoU with India’s Vedanta to establish a copper smelter and refinery with an annual capacity of 400k tonnes, along with a copper rod plant that has a yearly capacity of 300k tonnes in Ras Al Khair.

#3- A USD 1.4 bn fund for deep-sea exploration: Mekyal Financial Technologies and Marine Mining signed an MoU with Atlantis Blu Mining GmbH to launch a USD 1.4 bn fund, to support deep-sea mineral exploration projects. No further information was disclosed.

#4- An innovation ecosystem for the mining industry: The National Industrial Development and Logistics Program launched the Mining Innovation Studio, an accelerator program for mining tech startups aimed at attracting global startups to the Kingdom. The Studio was established in partnership with the Industry and Mineral Resources Ministry, Newlab, the Saudi Geological Survey, King Abdulaziz City for Science and Technology (KACST), Ma’aden and Esnad.

#5- KACST also teamed up with the Canadian Center of Excellence for Mining Innovation to develop and use fresh mining tech to boost mineral exploration.

ICYMI- The Kingdom is embarking on a USD 100 bn mineral investment project as part of a “fast and furious” push to deepen the Kingdom’s mining footprint and position itself as a global mining hub. The nation’s untapped mineral resources are estimated to be worth c. USD 2.5 tn, or 90% more than the last forecast in 2016.

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