Saudi Arabia announces $6 bln investments in steel complex, EV metals plant | Reuters
Saudi Arabia's Ministry of Industry and Mineral Resources said it has secured $6 billion for a steel plate mill complex and electric vehicle battery metals plant as part of plans to lure $32 billion of investment into the mining sector.
The ministry's target would fund nine mining projects for midstream minerals and metals, said Industry and Mineral Resources Minister Bandar al-Khorayef, according to a statement.
The kingdom is seeking to diversify its economy away from oil by pouring hundreds of billions of dollars into a plan called Vision 2030 initiated by de facto ruler Crown Prince Mohammed bin Salman. Mining is one of the sectors that has been identified for expansion.
The nine projects include a $4 billion steel plate mill complex for the shipbuilding, oil and gas, construction and defence sectors and a "green" flat steel complex that will supply the automotive, food packaging, machinery and equipment, and other industrial sectors. Both projects are already underway, as is a $2 billion EV battery metals plant.
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