Saudi Arabia signed a few agreements focusing on export-oriented mining and metal production ventures last week, as part of around 126 mining and metal production agreements with possible investments worth over SAR 107 bn (c. USD 28.5 bn) delivered during the Future Minerals Forum last week, SPA reported on Friday.

Here is what we know about the export-oriented production ventures:

#1- An iron ore production hub by Vale + RCJY: Royal Commission for Jubail & Yanbu(RCJY) and Brazilian miner Vale signed a land reservation agreement for a multi-phase Mega Hub at Ras Al-Khair to produce up to 12 mn tons annually of cold-briquetted iron ore for domestic and global markets, according to a press release on Thursday.

#2- Export-oriented steel production plant by RCJY + Tosyali Holding: RCJY and Turkish steelmaker Tosyali Holding signed an agreement to establish an integrated flat steel production plant in Ras Al-Khair Industrial City, targeting value-added steel production and increased exports.

#3- A SAR 125 mn agreement with Energy Projects Company for a car battery manufacturing plant in Shaqraa Industrial City, spanning 69k sqm, with production planned for local market and exports.

ICYMI- The Kingdom — sitting on an estimated USD 2.5 tn of untapped mineral resources — is 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.

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